Monday, July 11, 2011

Indices closed Down 1.2% to 2.0%........

Indices were due for a fall, but it came with major velocity.

Most traders were caught off guard with today's slump.

When index is down 2% in a day, then it is a serious selling.

Reasons given were same old, same old stories....in my opinion it was an overdue selling from overbought conditions. When indices are UP 8 straight day's, one has to be cautious for a drop.

Internals were as listed below :

Down Volume led by 31.08 to 1 in NYSE & 12.17 to 1 in Nasdaq

Declining stocks led by 6.05 to 1 in NYSE & 4.72 to 1 in Nasdaq

New 52 wk low were leading in NYSE by 5 & Nasdaq had only 11 more 52 wk highs

VIX jumped by 15.30%

IF you look @ down volume, it shows panic selling in NYSE, while Nasdaq was also extremely negative...

The above stat has given an oversold condition in 1 trading day.

RSI in S&P 500 is @ 52.63

AH ER & News related resulted in following :

AA Down .57%

NVLS Down 5.95%

MCHP Down 7.36%

AH Futures UP

AH Asian Markets Down

AH Gold & Silver UP

AH Oil Down

BLOG does NOT give buy or sell.

Saleem

7 comments:

c said...

S

thanks for your blog --my friend

I LOVE IT

I am off to the oncologist

cheers

Stocks100 said...

Hi C,

Good luck with your checkup.

Saleem

Tom said...

Hi Saleem,
What do you think about SOL. The price keeps dropping for many weeks.
Thanks,

Stocks100 said...

Hi Tom,

Solar stocks are falling apart.SOL updated Q2 forecast lower than before.

SOL is a very small part of my portfolio.

SOL is down 7%.....

@ $4.35..downside risk is minimum..already UP from low of $4.20.....

Saleem

c said...

S

Good after noon

I bought TZOO and CAT--let the music begin

Michael said...

Saleem,

Sold GG to conserve money for the pull back. I planned to sell on Tuesday for the anticipated pull back on OE. However, it caught me by surprise. Now, I just play along and see how it goes.

Michael

Stocks100 said...

Hi C & Michael,

C, Good luck with TZOO.I may join you later.

Michael, Selling GG & booking profit is alway's a good idea.

I am looking @ GG again but my chips are a big drag today.

Good luck with your strategy !!!

Saleem