Indices closed @ low of the day on heavy volume.
Market internals were as follows :
Down volume led by 20 to 1 in NYSE & 12.25 to 1 in Nasdaq
Declining stocks led by 4.44 to 1 in NYSE & 5.25 to 1 in Nasdaq
More new 52 wk lows in Nasdaq
Down volume numbers are a sure sign of "major capitulation"
RSI in indices are as follows :
Dow 40.72
S&P 500 42.63
Nasdaq 45.02
Dow is below recent low as of 5 trading days ago, while S&P 500 is above & Nasdaq well above.....
Today's TAPE is NOT unexpected, as this is a normal market...UP DOWN UP DOWN.......
We ARE rangebound & MAY stay until Q 4 guidance is out.......
Many traders are extremely NERVOUS about this TAPE since May 1st......BUT we have not gone far from May highs......
You have to decide IF you want to stay in this kind of market..which is a "normal market"
You can look @ stocks you know well & stay in it......& IGNORE all the NOISE....
Today's selling was "computer driven" by Hedge Funds & retail followed.....
You must look @ this market either to trade or stay put in good stocks or a mix of both.
AH Futures Mixed
AH Asian Markets Down
AH Oil, Silver Down
Gold UP
BLOG does NOT give buy or sell.
Saleem
6 comments:
S
nice call on LULU
I still hold LULU and TZOO
APPLE may get to $350 today-then $364.
Commodities are strong here the Ags are getting hot.
Good luck to all
S
we are now RED
wow a fast bounce here
looking for green
best to all
Hi C,
Close should be good.
Saleem
Saleem,
Started LULU at $87. Hope it will hold at this level. Thanks.
Michael
Hi Michael,
I think $86 level should hold for LULU....it is now down 15.87% from high.....
IF LULU earnings are good as expected by me & guidance better than consensus....we may recoup all the loss in a hurry....
Saleem
To all
LULU is a fantastic company
the split pus ER will be a catilist to bast higher IMHO
If not I will move on..
good luck see4ms to be holding $86!
Post a Comment