Tuesday, March 6, 2012

Indices closed down 1.36% to 1.57%......

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
at

12 comments:

  1. cMarch 7, 2012 at 4:25 AM

    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

    ReplyDelete
  2. Stocks100March 7, 2012 at 4:42 AM

    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

    ReplyDelete
  3. stocktrader_1996March 7, 2012 at 7:40 AM

    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

    ReplyDelete
  4. Stocks100March 7, 2012 at 7:51 AM

    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

    ReplyDelete
  5. cMarch 7, 2012 at 8:20 AM

    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

    ReplyDelete
  6. Stocks100March 7, 2012 at 8:27 AM

    Hi C,

    "STEAK in every dinner" from hereon for all believers in this well defined BULL MARKET.....

    Saleem

    ReplyDelete
  7. stocktrader_1996March 7, 2012 at 8:58 AM

    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

    ReplyDelete
  8. Stocks100March 7, 2012 at 9:28 AM

    Hi Stocktrader,

    TAPE is certainly telling you to get in...so many green..what not to like.....

    Saleem

    ReplyDelete
  9. stocktrader_1996March 7, 2012 at 9:45 AM

    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

    ReplyDelete
  10. Stocks100March 7, 2012 at 9:55 AM

    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

    ReplyDelete
  11. cMarch 7, 2012 at 10:51 AM

    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

    ReplyDelete
  12. Stocks100March 7, 2012 at 11:39 AM

    Hi C,

    Thanks for your appreciative note.

    This BLOG has ONE purpose...to give NON-CNBC analysis of events.

    Saleem

    ReplyDelete