All Indices closed near lows of the day...volume was above average like yesterday.
Reasons for today's weakness are few....First Euro closed @ new 4 year low below 1.22....Second Germany banned naked shorting as of midnight tonight.....in US it is still allowed.....
Nasdaq was the weakest with 1.57% decline....
Internals of the markets were weak as listed below :
Down Volume led by 8.35 to 1 in NYSE & 6.96 to 1 in Nasdaq
Declining stocks led by 3.35 to 1 in NYSE & 2.91 to 1 in Nasdaq.....
Still few more 52 wk highs than lows......39 in NYSE & 51 in Nasdaq
This weakness is extremely "surprising" as US economic news continues to be better than expected..BUT market does not care ????
AH HPQ ER was better than expected & guiding higher than consensus for 2010...UP AH $1.06 in AH volume of 2.60 million.....
AH Futures are mixed
AH Asian markets are Down
AH Oil down
AH Gold slightly UP
AH Euro slightly ticking UP @ 1.2198
BLOG does NOT give buy or sell.
Saleem
2 comments:
Hi Saleem,
A normal 8% correction should put us about 10,150 on the DOW right? Since this appears to be a manipulated correction, I'm not confident where we might end up. Any thoughts?
Best Regards
Hi Standards,
YES..this IS a hedge funds market pushed down courtesy of CNBC who are too happy to follow bear agenda.....
Based on the above program trading Thursday "flash crash low" seems like the Target..in S&P 500 it is 1066 area or in Dow 9870 area...in Nasdaq it is 2186 area....
Fear of double dip recession is being "fanned" to justify this slump.....
Saleem
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