Egyptian stalemate not a good thing for markets....

Markets will be kept hostage to Egyptian stalemate.Egypt has shut down banks & stock markets for Sunday & Monday,Sunday is a working day & start of the week.Middle East markets which are open on Sunday was down.Saudi Arabian markets were down 6% on Saturday & are UP 2.4% as of this minute on Sunday.Saudi Arabia starts week on Saturday & Sunday is day 2 of working week.

All Fundamental & technicals are on hold until markets have discounted the impact of Egyptian crisis.

US markets have corrected sharply on Friday & may do the same @ Monday open.Hopefully we may see some stability by Monday close.There is a very good chance that we may not close @ low of the day.

RSI are as follows :

Dow 57.57

S&P 500 52.13

Nasdaq 48.32

RSI is telling me that we MAY hold above 50 DMA in all Indices.......50 DMA in S&P 500 is 1247.79.....

Ironically,Friday's slump took lot of air out of this market which is healthy.Monday by 11 AM forced margin selling may bring support to an oversold conditions.

So hang on to strong stocks or buy them on sale.

Here is my weighting as of Friday's close :

FFIV 31.04%
RVBD 25.58%
PCLN 25.09%
MGM 18.29%

In my portfolio, i am down 24.57% for the year.Not only my stocks are down, but CAD is down also which impacts my overall results.

BLOG does NOT give buy or sell.

Saleem