Tuesday, August 24, 2010

Was 1046.68 in S&P 500 low for this slump...

We saw 1046.68 as low for the day which is higher than 1040.78 May low & 1042.17 June low...this gives me great hope that this low should hold for now......

Sentiment is "lousy" for stocks as IF this is the new 6 letter bad word.....this gives me a very reliable "contrary indicator"....

RSI of 34.43 is "screaming buy"......

Most technicians on CNBC calling for 800+ in S&P 500 & 80% cash...another good reason to be bullish......

Stock market "current slump" has discounted many issues which investors/traders are "sweating about"....

AH Euro UP..after S&P downgrade of Ireland

AH Oil UP

AH Gold Down

AH Futures UP

AH Asian markets Down

In my portfolio :

Doubled my position in SOLF @ $9.93..now my largest stake

Portfolio is LVS,AUY & SOLF....

BLOG does NOT give buy or sell.

Saleem

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