Indices lows not violated in today's slump......

While fear as measured by VIX went to a new 52 wk high today & indices took a drubbing of 4.09% to 4.62%, we held above recent lows of yesterday.

Now that Carter Worth has concluded that technically "uptrend is broken" which fits technical definition of uptrend......BUT that is how market starts to build an uptrend......

Fear on "mother of all show CNBC Panic Money...in children's TV schedule its shown as Fast Money" is @ peak, which is a reliable "contrary indicator"

Here is the internals of the market :

Down Volume led by 15.08 to 1 in NYSE & 15.54 to 1 in Nasdaq

Declining Stocks led by 2.71 to 1 in NYSE & 4.29 to 1 in Nasdaq

New 52 WK low 211 in NYSE & 217 in Nasdaq

S&P 500 closed @ 1120.76 while low today was 1118.01, above lows of yesterday

RSI closed @ 26.59 much healthier than 16+ we had @ low two day's ago

CMF less negative than yesterday's low

All of the above stat is telling ME that selling does not have the intensity we saw in prior days....most stat above is pretty normal & does NOT corroborate the indices......maybe the HFT machines were in overdrive to scoop shares from retail.....

Based on today's TAPE, it seems that "bottom is in for now"

In my portfolio :

Added 60% RVBD @ $24.06...bought before big slump....

Portfolio $ weighting is :

LULU 45.94%

CNQ 29.14%

RVBD 24.92%

AH CSCO reported a beat & guide UP, stock UP 6.70%

AH Futures are strong.....CNBC panic stricken gurus take note ?

AH Asian Markets Down

AH Oil & Silver Down

AH Gold UP

BLOG does NOT give buy or sell.

Saleem