Nasdaq is leading all the indices lower & has broken down technically......Nasdaq 50 DMA is 2089.50 and we already have traded as low as 2081.73..well below 50 DMA
S&P 500 also traded below 50 DMA which is @ 1050.49..also traded @ 1049.62...
Dow is the ONLY one which IS trading above 50 DMA of 9699..lowest trade so far is 9817.02..
RSI picture is also negative as they have gone below the usual trading range of last four months as they are listed below :
S&P 44.54
Nasdaq 41.30
Dow 50.31.....only one within range
Based on the above scenario...UNLESS we close above 50 DMA on good volume...market IS in technical trouble & MAY take us lot LOWER than what we are ready for????
RAISING cash MAY not be a bad idea ASAP........
Gold Down $1.90
Oil Down $2.28
Canadian $ Down 67 tick
In my portfolio :
Sold RIMM
Bought 70% more GNK @ $19.83 cost went down to $21.77..reports AH....expecting a beat & guidance @ or above consensus......
Portfolio is AUY,BAC,COMS,GNK,MRVL.......
@ 12.36 following stocks are green :
NTES,BIDU,MA,V,FSLR(reports tonight)....
BLOG does NOT give buy or sell.
Saleem
8 comments:
SALEEM
Still looking like a lousy day
GE showing some strength, BIDU is up $10 --fast money says get some!
Visa is unstoppable
Have a great day all
Hi Madmax,
This is day FOUR of slump..not a good sign???
Saleem
Hi All,
Overall the Dow looks much better than the rest of the market. Internals look ugly.
Best Regards
Hi Standards,
The way they are selling..it could be a washout today???
Saleem
Hi Saleem,
Looking at the charts for GE RIMM GNK, the signal line and MACD are both pointing down,,,,not even close to a buy signal yet. Visa is overbought.
Best Regards
Hi Standards,
I went on a buying "rampage"...will give you list in my after close BLOG.
I think this is a washout????
Saleem
Standards
I am NOT an expert on charts
And this down turn IMHO is not in the charts for predictable behavior
I see many stocks that are green and all of mine except T are red.
T makes no sense to be up today --but it is.
I think Cramer could be right that funds are manulplitating the market to look good!
I do not know a thing except that cash is king
Hi Madmax,
It feels like a capitulation in the market???
So I backed up the truck....
Saleem
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