Dow is below 50DMA...S&P 500 barely above 50 DMA & Nasdaq is healthier of the three indices...
Markets are reacting to economic concerns worldwide.....jobless claims are @ highest level in many months & China clamping down on lending...NOT a recipe for positive day in markets.....
Gold Down $14.20 @ support of $1089.80
Oil Down 79 cents
Canadian $ Down 23 tick to 95.33 US for 1 CAD
Following are the 50 DMA for major indices :
Dow 10453.46..violated
S&P 500 1114.57
Nasdaq 2225.28
RSI are following as of few minutes ago :
Dow 43.22
S&P 500 46.23
Nasdaq 49.25
Based on the above RSI numbers most indices are very close to "turning UP"...we MAY have a snapback buying near close........
Portfolio is APWR ( completed private financing of $83 million @ $14.37 well below closing of Wed),ASIA,AUY,IAG,PALM,POT,SLW,TC,FUQI call worthless.....
Most stocks are DOWN & @ near major SUPPORT.....Few green includes POT,RIMM,MRVL,
RCI,AMZN,PMCS....
BLOG does NOT give buy or sell.
Saleem
7 comments:
Saleem,
What will be the right strategy at this time: Sell, Hold or Buy? I am still holding my positions.
Michael
Hi Michael,
Markets are oversold...there is a good chance of an oversold bounce..then you can re-evaluate.
Most stocks are deeply oversold..so they will hold near current prices +-50 cents to $1+-
I have not sold any stocks today for the same reasons ,i have outlined above......
Saleem
The tv pundits are all saying more lows to come
For me that is hard to believe
we may pop tomorrow
best to all
Hi All,
A pullback was overdue. The economy is starting to pickup. Unemployment is always the last to recover. China GDP at 10%+ wow! TARP being repaid. Realestate stabilizing or positive. IBM and Google strong earnings. YEP its time to sell! :) jus kidding...
GNK near 200 DMA, nice.
Best Regards
Hi Madmax & Standards,
TV pundits have been so RIGHT since March..it is a JOKE....
We bounce V formation on Friday !!!!
Saleem
Hi All,
Another thing, all the big options players are buying calls in big numbers, not puts. They are expecting higher prices.
Some prices increasing AH.
Best Regards
Hi All,
Deutsche Bank has buy rating on GNK tgt 31-34.
Best Regards
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