Friday, October 7, 2011

Spain & Italy downgrade putting downward pressure .....

Italy & Spain are in the news with downgrade from Fitch.

Indices are down .17% to .89%..off their lows already...

S&P 500 high today was 1171.40, low today so far is 1150.26.
50 DMA is 1177.76...RSI is 47.30

Market is taking this negative news quite well, shows its internal strength.

Internals are down about 3 to 1, Nasdaq being weaker.

This pullback is mild, considering we have gone UP about 96 S&P 500 points, this is a move UP of about 8.9%.....

Jobs report in Canada was strong 61,000 vs expectation of 10,000 a beat by 6 times. US job growth of 103,000 was a beat also.

Gold Down $21.80

Oil Down 63 cents

Canadian $ Down 17 tick @ 96.18

VIX UP 3.97% @ 37.71...a mild move UP..no PANIC in the air..very good for bulls.

Portfolio is CNQ, FCX (bought yesterday @ $34.76),
LULU,RIMM...

Most stocks are Down

@ 2.01 following are green :

JCP,AMZN,NTES,M,AMCC,CRUS,SVM,NYX,
VAR.....

BLOG does NOT give buy or sell.

Next post on Sunday by 2 PM

Saleem

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