Indices were battered on Chinese news of trade deficit, which put fear about domestic Chinese economy IF it is slowing down.
All indices closed below 50 DMA in heavy volume.
Internals of the market were as follows :
Down volume led by 9.01 to 1 in NYSE & 5.87 to 1 in Nasdaq
Declining stocks led by 5.33 to 1 in NYSE & 6.09 to 1 in Nasdaq
New 52 wk low were in the lead in both NYSE & Nasdaq...
This is the first break of 50 DMA in all indices since Sep on a closing basis....
RSI in S&P 500 is 43.46 & in Nasdaq 41.13.......
RSI as of close in many stocks are :
CREE 28.00
AKAM 23.05
NFLX 43.21
GOOG 31.08
AMZN 34.72
AAPL 46.71
RVBD 51.71
RIMM 41.41
BAC 49.82
GS 42.42
LVS 28.67
PLCM 51.46
CIEN 39.12
LTXC 40.86
MU 38.03
Anything 40+ is worth looking @.....
AH Futures UP
AH Asian Markets Down
AH Oil & Gold UP
BLOG does NOT give buy or sell.
Saleem
4 comments:
Hello Saleem
Good Morning to you
What a awful market
looks like another red day
I will sell a lot of week holding today...
raise some cash
Will hold APPLE and ETN POT SLW NVO
I have soem preferred citi that is great I will hold it as it pays 7%
Best of luck to all
I did not know that RSI above 40 was better as so much stocks are hurting with low RSI
Hi C,
RSI 40+ is highlighted because they are still showing "relative strength" compared to 30 & 20....
That is what you look for in a "weak market"...makes selling decision easier....
My 2 cents...
Saleem
Saleem,
Do you think we are out of the wood or this is just a relief rally? I traded a little this morning, but still holding a lot of cash. Thanks.
Michael
Hi Michael,
TAPE is very sluggish.
Unless we close well above 50 DMA in all indices..it is not all clear.
Saleem
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