Wednesday, August 3, 2011

S&P 500 low today 1234.56.....lower lows not good......

S&P 500 is in freefall, making new 52 wk lows daily.

Technically markets are in total disarray.

CNBC pundits are all proven wrong with new lows.

Economic news are on tap daily & may not provide any support to S&P 500.

Jobless claims & Jobs report, both maybe downer.

Initial support in S&P 500 of 1219.80 may not hold, next level is 1150.45.

When market slides, it cascades lower & its hard to say where it finds support......think 2008 for a parallel.......

Gold went to $1675.90 @ its highest point so far..a new all-time high, currently UP $24.20

Oil Down $2.29

Canadian $ Down 27 tick @ 103.75

VIX Down 3.51% @ 23.92

In my portfolio :

Sold GG

Portfolio is FFIV,LULU,RVBD

Exposure 42%

Internals are negative by almost 3 to 1...

Most stocks are down

@ 1.24 following are UP

GG,FFIV,RVBD,RIMM,AAPL,TZOO,
APKT,SLW,AG,AUY,NFLX,CMG,
BWLD,GOOG,MA,V,CIEN,FNSR,
SNDK,ARUN,ABX,AEM,GS....

BLOG does NOT give buy or sell.

Saleem
at

6 comments:

  1. MichaelAugust 3, 2011 at 10:49 AM

    Saleem,

    We see Green! May be we will close in Green today. RVBD and FFIV both look excellent.

    Michael

    ReplyDelete
  2. Stocks100August 3, 2011 at 10:51 AM

    Hi Michael,

    Market is deeply oversold..RSI went to 29 area in S&P 500.

    Technical bounce is overdue.....

    I am waiting till Jobs report for any add-on......

    Saleem

    ReplyDelete
  3. cAugust 3, 2011 at 11:29 AM

    Hello all

    S
    I sold GG too.

    I am ahead on my POT buy... Phew

    THis may be a sucker rally--we got to see the employment numbers and see a floor some place...


    FFIV is a rocken
    apple came back up---what a crazy market

    Stay cool in this market

    Best to all
    C

    ReplyDelete
  4. Stocks100August 3, 2011 at 11:32 AM

    Hi C,

    Gold will perform opposite of stock market.....

    I see tremendous weakness in TAPE...not even technical bounce...that is scary ?

    Saleem

    ReplyDelete
  5. stocktrader_1996August 3, 2011 at 2:52 PM

    Hey Saleem,

    I bought some RVBD on Monday and was wondering what you thought of its "rally" today--good move but weak volume. Do you see that as a good sign or a bad sign (compared with a move like PLCM's which I also own)?

    Thanks in advance!

    Stocktrader

    ReplyDelete
  6. Stocks100August 3, 2011 at 4:27 PM

    Hi Stocktrader,

    Move today by PLCM was on higher than average volume but % gain was 2.78%..RSI 35.95....

    RVBD was slightly lower than average volume but gain wasd 4.71%..RSI @ 35.12....

    Today was a rebound day for most stocks..thus any turnaround is welcome.....

    Both stocks are oversold based on RSI......

    Saleem

    ReplyDelete