Indices made higher highs & Dow & Nasdaq closed green, while S&P 500 was down .12%. This is very impressive after a sharp UP move yesterday. Many so-called non-pundits called it a blow off day yesterday.
After blow off we see sharp reversal & no more higher highs, but non-gurus do not know facts about markets..JUST un-researched OPINIONS on CNBC. By the way blow off top is never reached in one day, it is after series of higher highs in very high volume.
Internals of the market :
Down volume led by 1.67 to 1 in NYSE & 1.31 to 1 in Nasdaq
Declining stocks led by 2.80 to 1 in NYSE & 2.10 to 1 in Nasdaq
New 52 wk highs were in lead, 156 in NYSE & 140 in Nasdaq
VIX closed UP 3.45% @ 15.31
Oil closed @ $105.43
Gold closed @ $1642.90
S&P 500 closed @ 1394.28, after hitting a 2012 high of 1399.42
AH Futures Mixed
AH Asian Markets UP
AH Oil UP
AH Gold Down
About market, history tells us that we are in a strong bull market, this is based on strong economic data from US. As we all know that US was given a "guaranteed RECESSION" by know it all Roubini & Rosenberg, they were comparing to Depression in US????. Stay invested & think long term.
BLOG does NOT give buy or sell.
Saleem
7 comments:
SALEEM
Good Morning
excellent market summation
Plz consider adding comment on copper
Also the blow off top was again discussed by Fast MOney
They never describe it right--IMHO....:):)
I love coming to your Blog--it is my source for sanity
thanks my friend
Hi C,
Thanks for your appreciative feedback.
I am glad you get "better perspective" on some wall street jargons......
As long as you make money, you should not worry about what others are saying....it is all agenda driven.....
Saleem
Hi C,
I just saw your note re copper from yesterday also.
Copper stocks are different from copper the commodity.
As China has indicated a much slower GDP growth from last year..11%++ to 7.5% for 2012......copper stocks are under pressure...even coal is in deep slump.....all reflecting current inventory level in China & much slower demand.
This has been known for many months.....
Saleem
SAleem
You are right about copper
But bare with me please:
Slowdown? What slowdown?
IMHO , I believe that the good time will role again, and copper will be hot once again:
see links
http://etfdailynews.com/2012/02/13/coppe...
http://sherwinmetal.com/2012/chinese-cop...
http://etfdailynews.com/2012/02/27/coppe...
Hi C,
I gave my take based on my reasoning......TAPE is confirming weakness for months.
Saleem
Saleem
I concede--you are probably correct.....
Do not know what to do
I will sit tight for now--sold the AUY as gold miners are hurting
thanks for your feedback
Hi C,
It is easy to analyze what has happened, but we do not know the future for Copper or anything else......
Future is not ours to see...que sera sera.......
Saleem
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