Indices broke below recent lows with Nasdaq leading the downtrend......
Internals of the market were "extremely negative" which is a sign of capitulation...
Volume was also higher in this selling......
Internals are listed below :
Down volume led by 60.5 to 1 in NYSE & 29.75 to 1 in Nasdaq (do NOT recall seeing stat like this)
Declining stocks led by 10.95 to 1 in NYSE & 9 to 1 in Nasdaq
New 52 wk lows were 119 in NYSE & 167 in Nasdaq
Sentiment is also "extremely negative"
In S&P 500...499 stocks were down today ( never seen this before)
I will NOT be surprised IF we close green on Wednesday.
In my portfolio :
Sold CNQ
Added 60% more SNDK @ $42.37
Portfolio is BIDU,CREE,SNDK,POT......
MON reports before open
AH Futures are mixed.
AH Asian markets are taking their turn in being down sharply.
Oil Down
Gold UP
BLOG does NOT give buy or sell.
Saleem
Hi Saleem,
ReplyDeleteGee every year for the past 3 years about this time someone releases a report saying the Chinese economy is going belly up only to find out later that it steam rolls on at 10% or higher. Someone was intentionally trying to drive the market down into a collapse today. All news was old or questionable.
Best Regards
Standards
ReplyDeleteIt is the old ploy scare the market
We are definitely in a crisis mode IMHO
But when thinks look bleak that is the time to buy
Best to all
Hi Standards,
ReplyDeleteWhen China was booming @ 11% growth ...S&P 500 was taken to 1040 on Greece...which is smaller than Idaho.....
Then S&P 500 was taken 1042 on "double dip".....
Now below 1040 on China slowdown to 9% GDP growth.....
Computer models @ play nothing more..to take advantage of slower growth....
Saleem
Hi Madmax,
ReplyDeleteYES..time to buy stronger stocks....
Saleem
Good morning,
ReplyDeleteI believe this market will trade flat/down for the rest of this week. GLTA.