Today had the feel of "capitulation" in markets....volume was HIGH in all indices......
VIX gave the biggest indication of fear & Capitulation by jumping 19.22% in one trading day..yes it does trades as VXX like a stock...last price $29.32 UP 5.43%...
Internals of markets were not that extreme as indicated by Dow's plunge...it was more like 3.5 to 1 on the downside led by declining stocks...so smart money was happy in keeping stocks in their portfolio..only CNBC fed crowd was doing panic selling.....
YES..Dow did pierce 50 DMA & S&P 500 is awfully close to breaching it.......the real question is ..was the 2 day plunge "steepest since July " was a desirable pullback or not...my answer is yes...now we can go back to repairing the technical damage in many stocks who have sliced 50DMA......
I do think that we are @ an attractive level in markets for long term strategy......
RSI are showing extremely oversold conditions :
Dow 42.45
S&P 500 45.09
Nasdaq 49.25
AH GOOG reported excellent Sales & EPS closed down only 40 cents after being UP $2.57 during regular trading.....
AH ISRG reported excellent Sales & EPS UP $23.21 cents
AH Futures are mixed
AH Nikkei, Shanghai & Hang Seng catching up to the wall street close by being Down from .83% to 2.72%...
BLOG does NOT give buy or sell.
Saleem
3 comments:
HELLO ALL
Saleem J the cramer still calling for another drop in the market, Hmmmm.
CNBC is just plain awefull they are all saying Obama's financil stand will kill the market--or words to that effect.
I get me a bunch of GNK and holding all stocks
IMHO we should go green today
Best to all
Hi C,
Cramer panicks like everybody else who are part of CNBC.
Market should turnaround today by close.
China has given scare to many sectors by lending curbs...so make sure that you are NOT overexposed in the wrong sector.
Saleem
Hi All,
Baltic Dry Index (BDI) +34 3204
Looking good!
Best Regards
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