Indices faced many negative economic data from China,US & Germany. Greece downgrade was there as an icing also.
Internals were :
Down volume led by 1.94 to 1 in NYSE & 2.75 to 1 in Nasdaq
Declining stocks led by 1.54 to 1 in NYSE & 2.08 to 1 in Nasdaq
New 52 wk highs were in the lead, 86 in NYSE & 53 in Nasdaq
VIX was unchanged @ 18.19
Oil closed @ $106.28
Gold closed @ $1771.30
S&P 500 closed @ 1357.66
CMF @ 0.306
RSI @ 67.02
AH ER :
HPQ Down 1.31%
AH Futures Mixed
AH Asian Markets Mixed
AH Gold UP
AH Oil Down
About market, Indices closed down maximum .52%......a very impressive close after being UP for almost eight straight weeks.
CNBC is trying to give air time to same people with their agenda for bringing the market lower. Doug Kass who has been wrong many times since 2009, was given centre stage.
Based on how we closed today, despite Quadruple negative news, there is a good chance that any serious pullback is NOT imminent. There is also a good chance that we may be going towards 1400.
BUT...try to book gains when you see it & rotate into next best ideas.
BLOG does NOT give buy or sell.
Saleem
7 comments:
Saleem
Good Morning to you
V Good analysis of the market place
CNBC is so slanted--market correction coming up to 10%--come on!
Picking the right stocks is one tough job. FCX is up pre market..
I am thinking that all the oil plays will soar for a while? Now that sanctions are taking hold...
Best to all
Hi C,
CNBC works for agenda driven traders.
FCX is a good stock.
Oil should work.
Saleem
Good morning Saleem & C.
I too think a correction is coming, but i think it'll be a little shallower, around 3-5% starting sometime next week. After that we have another rally. GLTA.
Victor
Hi Victor,
Last correction lasted few days & less than 2%......gave great entry point to many.....similar TAPE in the cards.......
Saleem
Saleem,
My support targets are S&P 1290 to 1320 region sometime in March
Painterman
Good to see you about
Silver and Gold are rocking I should have gotten some AUY.
My apple is up and down--I was thinking that todays news would push it higher
Nope!
I am thinking that we are over due for correction
but win?
regards
c
Hi C.
Long and strong on my AAPL. I was hoping for a divy announcement today, but nothing so far.
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