S&P 500 went to 1039.83 @ its low point today which barely undercuts May low by .95......in technical terms this undercutting of previous support sets the stage for a major rally...which MAY be underway now......
Most stocks have been cut to levels NOT seen since beginning of this year...thus a retracement of almost 8 months.....IF this is NOT being washed out....then i do not know what deeply OVERSOLD conditions looks like.....
Many good stocks are trading sharply lower today which gives a COMPELLING entry point.....
Gold UP $6.30
Oil Down 8 cents
Canadian $ down 44 tick to 93.98..lower end of trading range
In my portfolio :
Bought BIDU @ $76.20
Portfolio is AUY,BIDU,LVS,SOLF.......
Most stocks are Down
VIX UP .47% to 27.59.....
@ 12.29 following are green :
LVS,AUY,SOLF,RIMM,EGO,SLW,
GOOG,AMZN,CRUS,ISRG,GS,MA,V,
EXPE,GG,SOL,CTRN,ICE,AEM,NYX,
ABX...
Many stocks like above giving "green" to traders even today.......
BLOG does NOT give buy or sell.
Saleem
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