Monday, May 16, 2011

Indices closed Down from .38% to 1.63%......

Indices were down in heavy volume.

Nasdaq was the worst performer again...

Internals of Nasdaq were as follows :

Down volume led by 4.56 to 1

Declining stocks led by 4 to 1

More new 52 wk lows than highs

All indices are barely above 50 DMA......as listed below :

S&P 500 6.03 from 50 DMA

Nasdaq 8.40 from 50 DMA

Dow 198.47 from 50 DMA

RSI in indices are as follows :

Nasdaq 43.63

S&P 500 46.10

Dow 50.00

These readings are getting awfully close to being "deeply oversold"

There is a chance that we MAY rally after dipping below 50 DMA in Nasdaq & S&P 500.....reasons being that we do NOT go down usually in a straight line....also sentiments is extremely negative....which usually brings a reversal ?

AH ER URBN UP 1.11%

AH Futures Down

AH Asian markets Down

AH Oil Down

AH Gold UP

BLOG does NOT give buy or sell.

Saleem
at

4 comments:

  1. cMay 17, 2011 at 4:42 AM

    S

    Good Morning

    Market looking week
    J Cramer says more selling coming!

    APPLE is on sale here as is FCX
    BIDU is green..
    I would think that the market is way over sold?
    My oil plays are hammered

    Regards to all

    ReplyDelete
  2. Stocks100May 17, 2011 at 4:55 AM

    Hi C,

    We MAY get a "technical bounce" today.....

    Gold is looking better than silver..BUT silver is deeply oversold.

    Cramer follows momentum..changes his opinion every 5 mts depending on the TAPE...claims victory even when he is wrong....he can be a good politician..will fit well in DC.

    Saleem

    ReplyDelete
  3. cMay 17, 2011 at 9:04 AM

    S

    the market is kicking down big time

    when will the sun shine--soon I hope

    lots of bargins out there! \EVEP is on sale and was upgraded!

    this is one big hit today

    ReplyDelete
  4. Stocks100May 17, 2011 at 9:21 AM

    Hi C,

    Do not follow EVEP....

    This is a "normal market" ..should find support around here.

    Saleem

    ReplyDelete