Thursday, November 17, 2011

Indices testing major support of 50 DMA in S&P 500.....

S&P 500 went to 1211.65 as low of the day, next support is 1205.59.

IF we could hold 50 DMA, then it looks good, otherwise 1074.77.....

Internals are as follows :

Down volume leading by 12 to 1 in NYSE & 3.66 to 1 in Nasdaq

Declining stocks leading by 3.81 to 1 in NYSE & 2.13 to 1 in Nasdaq

VIX UP 5.88% @ 35.48...this may give some hope to bulls.....

Most stocks are breaking double or triple support today, which is not healthy @ all.

Oil Down $3.39

Gold Down $25.10

Canadian $ Down 25 tick @ 97.38

Reason for today's selling is "risk off"

In my portfolio :

Sold LVS

Bought FRO @ $5.89

Portfolio is BIDU,FRO,PCLN,RVBD......

Most stocks are down

@ 1.38 following are green :

FRO,MGA,NTES,BWLD,FNSR,CTRP....

As long we do not close @ lows of the day, then we may be OK.

BLOG does NOT give buy or sell.

Saleem

2 comments:

c said...

SALEEM

the close will be the tell !!!!!!!!! Here is for a green close

FRO is a good oily shipper but has fallen on very tough times.... You did get it at a low price, I just wish that they had NOT started selling there ships for money...

IMHO at the current price FOR could pop! BDI rates are up again
Baltic Dry Index (BDI) 1898 +14


Best to all

Stocks100 said...

Hi C,

After watching FRO & GNK for about 1 month...i went for FRO based on TAPE.....

Thanks for your input.

Saleem