Almost 4% slump in Indices..closing @ lows of the day on High volume...

Indices were in a freefall to the tune of almost 4%...volume was high & internals were terrible...new 52 wk lows were in the lead.......

CNBC as expected is trying to "fan the fire" @ this stage which makes no sense.....

Based on many technical readings & sentiments we are deeply oversold.....

Only 19.9% of trading public is bullish..lowest reading in last two years.....means 80.1% are bearish....sign of an imminent major turnaround....a very reliable contrary indicator....

RSI in S&P 500 is hitting recent lows again @ 29.81

All Indices closed @ lows of the day......

It is an important juncture to be in select stronger stocks where future earnings & sales are going to expand.....

Europeans are NOT going to stop buying computers or smartphones..Internet will continue to explode everywhere..yes even in Greece & Spain.........

SO..it is important to stay "rational" in an "irrational markets"

YES..hedge funds & supercomputers CAN bring this market down.....BUT for how long ????

Shorts need to cover...a reality of Wall Street......

AH BRCD,CRM & DELL reported and they all lacked something to excite any trader...so down they went from 5% to 9%......

I sold BRCD......

Portfolio is CIEN,JDSU,SNDK.......

AH Futures are UP

AH Asian markets are Down

AH Oil & Gold Down

AH Euro still going UP to 1.2560..highest level in few days ?????

BLOG does NOT give buy or sell.

Saleem