Indices closed near lows of the day.
Internals of the market were as follows :
Down volume led by 5.66 to 1 in NYSE & 1.88 to 1 in Nasdaq
Declining stocks led by 3.53 to 1 in NYSE & 3.16 to 1 in Nasdaq
VIX closed UP 2.97% @ 34.37
AH News :
ULTA UP 1.24%
TXN Down .50%
AH Chinese CPI came in as expected in August 6.2% vs 6.5% in July
PPI 7.3% +.1% from July
CPI milder number will allow Chinese Central Bank not to tighten again..good news for worldwide equities......
Obama Job creation effort was much better than expected, tone of reconciliation should create faster passage. Obama is proposing to spend $448 Billion in many areas where Republicans will support......another positive for stocks...
AH Futures UP
AH Asian Markets UP
AH Oil UP
AH Gold UP
BLOG does NOT give buy or sell.
Saleem
11 comments:
S
lots os 9-11 news and Obama news
this news is keeping the market roiled--IMHO
Pre market is mostly red for me
I am hoping for a turn around and make some $$$$$
best to all
Hi C,
I am expecting markets to close GREEN......
Saleem
Hey Saleem,
The speech ended up being mostly disappointing for me as I again start to think about the process to get anything passed. About halfway through I realized this and started to even wish he hadn't come up with this package at all?...
Anyways, it seems like a hangover effect from the speech is starting us off. It seems like corporate profits are the only thing that can be truly bullish now?
I'm sticking with my good companies, but my mood is definitely worse than earlier this week...
Stocktrader
Hi Stocktrader,
Politicians are uncomfortable with their own ratings & feeling the heat to do something QUICK.....which will build confidence......
I am feeling that we are getting closer to some action from G7 to US politicians.....
Saleem
to all
I fail to feel confidence in my politicians
It reminds me of "where is the beef", the Obama speech did NOT offer any new proposals to turn America around
I am concerned about our direction, will stay 90% invested and hope for the best
Saleem I am so glad that you are optimistic and see your way past the smoke; thanks for your positive approach and good words
Hi C,
I am more confident about this market NOW....
Market is going down on reasons which does NOT make sense..like resignation of ECB board member?
Saleem
Hey Saleem,
Even in my "grumpy" mood, I still think stocks are priced near/below fair value even if the economic outlook remains poor, so I'm 100% long and not worried about that part. I just wish things went a little more smoothly in this country. It seems like politics have really taken a turn for the worse in recent years.
Stocktrader
Also, it seems the correlation of single stocks to the overall market is dropping. There are a lot of stocks up today even though we are down 150 pts. This is also a good sign (especially when I've got a few of them) :).
Hi Stocktrader,
Technically market is healthy now...HFT are playing with indices to scare retail.....
YES...many stocks are going UP even today...some are ready to jump IF HFT let go of their bear game.....
I remain confident & close to max normal allocation.....
Things are NOT as bad as MEDIA is portraying......
Saleem
Saleem,
Bought back BIDU @144 and MOS @68.5. 45% exposure.
Michael
Hi Michael,
Excellent timing....
BIDU & MOS..should work out again $$$
Saleem
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