SO...the shorts, skeptics & machines were in total control of markets today...thanks to overhyped numbers from administration & economists.....you would believe that we had serious negative numbers in job....like job loss of 300k...to justify today's slump of 3.15% to 3.64%...
SO..Euro went below 1.20..where it has struggled for days.....
SO..Hungary is feeling debt issues..so is US & California & every other state in US.....
Markets are programmed to sell..reasons are NOT convincing.....
Technical picture is NOT cause for ALARM yet.....as all Indices are above recent lows...
S&P 500 closed @ 1064.88... previous low is 1040.78...can machines knock this number..YES...BUT what does it proves in the bigger picture.....it just gives anyone a better buying opportunity....
Nasdaq closed @ 2219.17...its recent low is 2140.53..YES machines can knock it lower......
Factually speaking Nasdaq is only 14.99 points away from its 200 DMA......healthiest of all !!!
I am personally NOT looking/worrying @ indices..BUT buying stocks which I should be having in my portfolio...whenever machines are re-programmed to go UP..hopefully I should benefit from uptick...
Some food for thought......for this IRRATIONAL market.......
By Saturday noon..i will list buy rated stocks.
BLOG does NOT give buy or sell.
Saleem
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