Indices took a tumble..down almost 1.7%...

Indices were in a retreat towards its support area......reason for tumble was jobless claims shot up to 500,000....a 9 month high......

Job picture will remain weak till 2011 as articulated by Fed Chief Ben Bernanke & many other economist.....last week numbers were also revised up to 488,000......

Market is certainly putting a brave fight to deal with economic data which are less than rosy in US......

S&P 500 went to 1070.66 which is higher than recent low of 1069.46....Closing @ 1075.63.....

Retail traders/investors are getting very discouraged with one day UP & next day Down market ...BUT there is encouraging sign......we are NOT making lower lows @ all...remember 1010 in S&P 500 which was reached end of June ....we ARE holding ABOVE ...

Every time there is a "heartbreaking day like today"...we normally reach a new bottom & then move UP for few day's......that IS the pattern of this market......so profit needs to be booked ASAP or else you will lose it......I AM following this rule @ every chance i get......

Market internals were weak almost 4 to 1 on the downside ...Nasdaq new 52 wk low were 121 while new 52 wk high were only 14...an extreme reading..

AH ER from DELL,CSIQ & HPQ were greeted with selling.....

AH Futures Mixed

AH Asian markets Down

AH Gold Down

AH Oil UP

BLOG does NOT give buy or sell.

Saleem