Indices closed negative due to many factors. First it was profit taking after many days of UP move, second it was Jobs data @ 830 AM which put fear into many traders.
Internals of the market were as follows :
Down volume led by 6.13 to 1 in NYSE & 4.76 to 1 in Nasdaq
Declining stocks led by 2.77 to 1 in NYSE & 3.44 to 1 in Nasdaq
SO.. you can see clearly it was a "spirited selling"
Gold closed @ $1829.10
Oil closed @ $88.93
VIX closed UP .63% @ 31.82.....this is the-most bullish indicator for stocks ..it should have gone UP @ least 10%..based on market weakness & upcoming jobs data......?????
SO..it is all about jobs report @ 830 AM....Expectations are of 75,000 job growth.....GS panicked @ the last minute & reduced its expectations to 25,000 from a low number of 50,000.....
My guess is that we may come between 50,000 to 70,000.....which in government work is a good number...which means we rally....
About market, everyone seems to be very pessimistic & bracing for a major pullback.....BUT individual investors just turned more bullish today @ 38.69%..a six week high...who knows they may be right this time ?
AH News :
FNSR UP 8.77%
NFLX Down 8.69%...News on NFLX is that their contract renewal after Feb 2012 was terminated...this contract content has 8% of NFLX domestic viewing.....AH volume was 605,564, total volume for the day including AH was 3,012,199..while average volume is 4.34 million shares daily .....
AH futures Mixed
AH Asian Markets Down
AH Oil UP
AH Gold & Silver UP
BLOG does NOT give buy or sell.
Saleem
11 comments:
Hey Saleem,
I'm starting to think about the VIX a little differently these days. If the VIX doesn't go up like it should, it means investors are too complacent and there could be more downside. Conversely, if the VIX spikes too much, the fear is rampant and may allow for the market to move higher instead.
What do you think of this somewhat countertrend analysis? I've only recently started to think about this so I don't have any concrete data yet, but tomorrow may be a day it could really be tested--I too noticed the lack of movement in the VIX today.
For the longer term, the great companies of world at these discounted prices should represent great value. I'm looking to deploy funds tomorrow regardless of the data.
Stocktrader
Hi Stocktrader,
It is healthy to take an opposite view & then analyze day to day & see IF it works.....
I am more comfortable with markets when TAPE is orderly..UP DOWN is fine as long it has LOGICAL moves..
Your timing has been PERFECT to get IN & get OUT....
Good luck with your purchase !!!!
Saleem
S
Market is roiled
Looking bad
APPLE is on sale
Best of luck to all
Bargins galore
Hi C,
Black Friday Sale...
Saleem
S
Maybe we should get some QID
Up $2.14 already
Goo dMorning to all
I got some APPLE at $373.50 lets see if we bottom here or go lower?
GOOD luck Stocktrader
Lots of stuff on sale like CAT, KGC is up --hurray
Hi C,
Market is coming back.....bear bet is OVER...
Saleem
Hey Saleem and c,
I was able to allocate 30% of my cash at prices I liked near the bottom this morning mostly in the energy/commodity space. I'm staying patient because I'm not sure we can run away to the upside today. I'm looking for additional bargains near close.
Stocktrader
Hi Stocktrader,
You are taking a well reasoned approach....comfort level has to be high for full allocation....
Good luck with closing strategy.
Saleem
Saleem,
Picked up some fire sales this morning. BIDU @138 & MOS @68. Let see how market behaves before I deploy more resources into it. Good luck to everyone. Thanks.
Michael
Hi Michael,
Excellent buying price in BIDU & MOS..both UP for you.
Saleem
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