Monday, March 5, 2012

China warns on growth, indices down .86% max ?

Indices were deeply overbought & then China timed it perfectly to warn on its GDP growth.

So shorts & bears were delighted @ their chance to make serious money, but funny thing happened as afternoon trading started, there were many buyers for every seller.

S&P 500 went down to 1359.13, by close we were @ 1364.33 which is a pullback of 5.30 points or .39%....

Internals were :

Down volume led by 1.99 to 1 in NYSE & 2.92 to 1 in Nasdaq

Declining stocks led by 1.48 to 1 in NYSE & 1.19 to 1 in Nasdaq

New 52 wk highs were in the lead, 74 in NYSE & 49 in Nasdaq

VIX closed UP 4.4% @ 18.05

Oil closed @ $106.72

Gold closed @ $1703.90

AH Futures Down

AH Asian markets Down

AH Oil & Gold UP

About market, resiliency of this market was obvious today. Given Chinese shocker, market barely gave anything in terms of pullback. IF market do not go down on a "surprise negative news" from China, then its strength should be of comfort to those, who are not so sure about bulls longevity.

BLOG does NOT give buy or sell.

Saleem
at

11 comments:

  1. cMarch 6, 2012 at 5:55 AM

    Saleem

    Good day sir

    Market is again red , day 2
    FCX and SCCO are again down !!

    You would think that the world was swimming in copper--not..

    looks the iPad3 release is pulling the price of APPLE down--this may be a great buy opportunity

    my RIG and oils plays are red

    Have a good day

    ReplyDelete
  2. Stocks100March 6, 2012 at 6:05 AM

    Hi C,

    Base metals have backed off for several weeks despite daily pump of FCX by CNBC gang.....

    AAPL had a good move UP...needs to make another base.....

    Whole market is red.

    Saleem

    ReplyDelete
  3. cMarch 6, 2012 at 6:18 AM

    Saleem

    thanks for your feedback
    Great stuff to consider
    C

    ReplyDelete
  4. cMarch 6, 2012 at 7:00 AM

    Saleem

    What strength AMAZON has today

    Up and green. gotta say that that is awesome for you
    Hurray

    Booya
    C

    ReplyDelete
  5. UpMarch 6, 2012 at 7:10 AM

    Saleem

    I have a theory for AMZN, it is a fund stock and it is sitting in a crucial point, if it break down below 177 area, people will jump on short and crush it. Since funds know that, they will hold it in this range in order for them to get out slowly or for future upside.

    ReplyDelete
  6. Stocks100March 6, 2012 at 7:18 AM

    Hi C,

    Thanks for your post re AMZN..it is behaving the-best in my portfolio lately.

    Saleem

    ReplyDelete
  7. Stocks100March 6, 2012 at 7:19 AM

    Hi Up,

    $175.41 is the "breakdown number"..if it does not happen...warch for a major move UP in AMZN.....today is the day one way or the other for AMZN....

    Saleem

    ReplyDelete
  8. UpMarch 6, 2012 at 7:35 AM

    Saleem

    To me, i don't think AMZN will break down , in fact since it didn't participate in this rally, i think it will say goodbye to 170 area for good and going upward.

    ReplyDelete
  9. Stocks100March 6, 2012 at 7:45 AM

    Hi Up,

    AMZN has given enough signal in last 3 days ..that move is UP.

    Saleem

    ReplyDelete
  10. cMarch 6, 2012 at 9:50 AM

    UP

    hello
    welcome back

    Did ya get some apple
    almost sold my 25 shares--not
    was going to buy some more but got scared at the fast moves it made in such fantastic speed! whoa

    Up--Look at Amazon now GREEN I thought as much
    KFT is my only green
    Bought it for the company split off
    Tomorrow is iPad 3 day and news on Apple TV
    this could be huge for us all and NASDAQ
    C

    ReplyDelete
  11. UpMarch 6, 2012 at 10:37 AM

    C

    I sold my AAPL since March 7 is a big day for them, Company is overbought at this moment and I am afraid tomorrow will be a sell the news day. I will get it back when it correct a little first

    ReplyDelete