1.9% to 2.34% pullback in Indices.....

When US market opened...European markets were already down 1.6%......But Dow try to brave the jitters with a green tape...which gave false hope to many including me......

BUT...as everybody felt that Greece junk status is another non-event...came selling on volume & took everything Down except Gold......indices & stocks closed near lows of the day.....

S&P 500 took the biggest tumble by being down 2.34% in a single day......volume was highest in a long time in all indices.....

Even IBD went into cautionary rating after close..... saying rally under pressure.......

This selling is a good thing......because it repaired "overbought readings in one day"

Here is the biggest indicator RSI @ close :

S&P 500 48.55

Dow 51.79

Nasdaq 55.37

These RSI numbers takes us all the way back to the week of Feb 16th.....some 10 weeks back....SO...all is not lost with today's major drubbing........

There is a chance that we MAY find footing by close on Wed.....color could be green !!!!!

VIX was the superstar today by jumping 30.57% in one day.....an extreme TAPE which cannot last......


AH RFMD ER was a beat & guide UP...UP 4.37% in AH volume of 937,053

AH BRCM ER also was upbeat UP 2.10% in AH volume of 753,759

AH Futures are UP

AH Asian markets are Down

AH Oil Down

AH Gold & Silver UP

BLOG does NOT give buy or sell.

Saleem