Indices closed UP three days in a row....NICE !!!!

Indices were UP.88% to 1.29%. Today's close was the-most impressive as it closed near high of the day.

This market has been extremely difficult to read as it turns on a dime on no news, as we are rallying in anticipation of Ben Bernanke speech...are we to expect sell on the news or rally into higher ground...that we have to wait to get the answer. I always accept TAPE as it rolls out..so far so good for a change.

AH AAPL was the big news, this is a great buying opportunity as Steve officially exits the scene. This expected news was a big hangover on AAPL stock price....

Steve Jobs who is a living genius deserves our prayers in his fight with "pancreatic cancer".....

AH AAPL range was $350.00 to $376.26..last trade $357.02 down $19.16

The other news was GOLD...Down $104 in a day on rumour of "margin increase" which turned out to be true AH...Now you have to dish out $9450 to buy $175,700 worth of gold......This was a "much needed correction" which clears overbought condition... RSI in GLD after close is 55.86 from 85 area in most of August...... 

In this gold correction GLD lost only 7.13% after gaining 55.69%.....so please no sympathy for two days of pullback....

Internals of the market were as follows :

UP volume was 3.42 to 1 in NYSE & 2.85 to 1 in Nasdaq

Advancing stocks led by 2.26 to 1 in NYSE & 1.97 to 1 in Nasdaq

New 52 wk HIGHS were in the lead ...27 in NYSE & 49 in Nasdaq...what a nice change in technicals of this market.

BUT BUT VIX is still too high ..closed down only 1.02% @ 35.90......this need to be in 20 to get all  clear ...

AH Futures Down

AH Asian Markets UP

AH Oil UP

AH Gold UP $8.50 @ $1765.80..it was as low as $1744 AH..when weak hands got out on margin news......

AH Silver UP

BLOG does NOT give buy or sell.

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