All Indices closed in RED......
Volume was lower than average and way lower than Friday......
Today felt like RETEST of support for Indices......
As long as we do NOT go lower than 1044 area in S&P 500...then we have seen lows for this correction...
There is lot of FEAR being injected with Monday "mechanized/computerized selling"
There was NO real news for selling to continue today????
RSI of 34.27 in S&P 500 is "deep oversold condition"
Selling looks EXHAUSTED.....
VIX closed @ 26.51 UP 1.53%....low volume selling was OBVIOUS to VIX traders ...so NO spike in FEAR index...which bodes well for "turnaround Tuesday"
AH Futures are GREEN.....
AH Nikkei Down .39%
AH Oil Down
BLOG does NOT give buy or sell.
Saleem
2 comments:
PALM is showing a downward journey for a while. I will not be surprised if it bounces back due to short covering. Price @9.70 seem to be a good buy.
YES.....PALM is oversold big time and MAY snapback around here.....
Many are short PALM.....
Saleem
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