US new home Sales data was expected to be bad after resale data yesterday...BUT the severity of decline (33%) took the market by surprise......
S&P 500 went to 1085.31.......
Indices will be tested again @ 2.15 PM when Fed policy statement is released...no interest rate increase is expected BUT "language" will be deciphered 1000 ways.....
Gold Down $6.50
Oil Down $2.07
Canadian $ Down 1.45 cents to 95.82....retail sales slumped in Canada...
Portfolio is BIDU,CNQ,CREE,LVS,SNDK,TCK.....
Most stocks are Down....
@ 12.23 following are green :
SNDK,LVS,VMW,RIMM,IBN,ASIA,WDC,NDN,
GS,GNK,GG......
BLOG does NOT give buy or sell.
Saleem
2 comments:
Saleem,
The market behaved exactly like what you expected. Do you think it retested successfully with higher low? Thanks.
Michael
Hi Michael,
Market internals were much healthier today than last two days..which is a better indication of strength.
Selling is dried up with so many negative news...which is a great indicator of "change in direction"
Saleem
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