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:
S
thanks for your blog --my friend
I LOVE IT
I am off to the oncologist
cheers
Hi C,
Good luck with your checkup.
Saleem
Hi Saleem,
What do you think about SOL. The price keeps dropping for many weeks.
Thanks,
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
S
Good after noon
I bought TZOO and CAT--let the music begin
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
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
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