Indices retreated in a hurry, as worries abour China & Greece came into focus.
S&P 500 low today was 1340.03, closing @ 1343.36
Internals were :
Down volume led by 25.42 to 1 in NYSE & 6.61 to 1 in Nasdaq
Declining stocks led by10.62 to 1 in NYSE & 4.89 to 1 in Nasdaq
New 52 wk lows were in the lead, 30 in NYSE & 44 in Nasdaq
VIX jumped 15.62% @ 20.87
Oil closed @ $104.70
Gold closed @ $1672.10
AH Futures UP
AH Asian markets down
AH Oil & Gold UP
About market, we had a correction of 2.52% from absolute high to today's close in S&P 500. RSI are extremely attractive now Dow 43.93, S&P 500 47.80, Nasdaq 50.32...they are all in BUY zone. In a fast bull market, corrections are done & over with in couple of days. Either you can sit tight & be part of new UP move or buy in quickly to participate.
BLOG does NOT give buy or sell.
Saleem
12 comments:
SALEEM
Good morning to you!
J the Cramer was so negative last night--said sell any rally
APPLE is up PM
I am looking for some pop with Amazon--fast money had good things to say
Cramer beet the snot out of copper saying wait for it to come in
MS is green in PR---yes
C
Hi C,
Jimmy the Cramer was talking nonsense last night..none of his thesis is true..all fiction from the novel of Agatha Christie....
Jimmy the cramer loves to make a fool of himself in front of 2 million TV audience......
YES correction is over..most people will get it..except Cramer who is calling for 10% correction...him & his buddies must be short...watch them CRY....
Saleem
Hey Saleem,
People being afraid of events on Thursday and Friday probably means we can rise from these levels, especially given the short term oversold conditions.
Stocktrader
Hi Stocktrader,
Market is all about direction & risk / reward.....
I firmly believe, we are in a major bull market......risk / reward became better for those who were looking for minor pullback.
Thursday news should be positive & Friday news should be a "barn burner".......
TAPE is pretty healthy today.
Saleem
SALEEM
I believe you are correct--direction of market is UP
Look at GS up 2% our MS up 3.5%
Yes sir good times are back
Chicken in every pot!!!!!!!!
C
Hi C,
"STEAK in every dinner" from hereon for all believers in this well defined BULL MARKET.....
Saleem
Hey Saleem,
It really seems like all the negative event risk this week is gone. Greece looks stable again and jobs look fine (and I think China is probably fine too). On the other hand, the oil/gasoline part for us is troublesome, but seems even more so for Europe and emerging markets. Do you think I am foolish to take a wait-and-see approach with just this one negative in the face of so many positives?
Thanks for the input :).
Stocktrader
Hi Stocktrader,
TAPE is certainly telling you to get in...so many green..what not to like.....
Saleem
Hey Saleem,
One bounce day after a week of internal and/or broader market weakness doesn't tell me much about the tape (most often it would actually tell me that today is a good sell day). I'm trying to look a little deeper and understand if the guidance that companies have put forth can be exceeded to propel further market gains in the face of this oil/gasoline strength. If I determine they can, I'd like to take advantage of the recent weakness to re-establish some positions.
Thanks again for any response! :)
Most interesting to me are names like MS though. I still think the Volcker rule gets watered down and I think capital markets can do better as the economy does. MS also has that nice private wealth group that could gain further traction.
Stocktrader
Hi Stocktrader,
There are always 10 reasons to get IN & 10 reasons to stay out.....
I always look @ big picture & not micro- analyse anything.....trend is what i am after.....
A 2% decline after 14.61% straight UP is not chnage in direction.....if that is not a good TAPE ..i do not know what is....
Saleem
SALEEM
Whoowho!! market is a dynamo!!!!!!!
Looking at apple in the red now!
Waiting for it to drop to $500 or below...
I gotta pre order the iPad3 amazing at $499 entry price.
available 3/16
these are exciting times
thanks for your continued sponsor ship of the blog!
C
Hi C,
Thanks for your appreciative note.
This BLOG has ONE purpose...to give NON-CNBC analysis of events.
Saleem
Post a Comment