Indices fared much better than feared, on below consensus Jobs report.
Indices were down up to 1.14% in low volume.
S&P 500 closed @ 1382.20
RSI 45.78
Internals were :
Down volume led by 9.43 to 1 in NYSE & 6.02 to 1 in Nasdaq
Declining stocks led by 3.75 to 1 in NYSE & 4.34 to 1 in Nasdaq
New 52 wk lows were in the lead, 56 in NYSE & 61 in Nasdaq
Oil closed @ $102.46
Gold closed @ $1643.90
VIX closed UP 12.63% @ 18.81
Stocks which ended green included RIMM,ZNGA,
LVS,CMG,PCLN,AAPL,BIDU,LEN,GG,AUY,
CRM...
AH Futures UP
AH Asian Markets Mixed
AH Oil & Gold UP
About market, S&P 500 had a pullback of 3.10%, taking 1422.38 high & low of today 1378.24. This is the biggest pullback of 2012. S&P 500 & Nasdaq are above 50 DMA & never violated that technical level. Dow is the only one which went below. Based on the News market faced, pullback today was not as steep & volume was lower than average. Looks like it, that pullback is over & it was a buying opportunity. There is a strong probability, that we may be green for Tuesday.
BLOG does NOT give buy or sell.
Saleem
11 comments:
Hey Saleem,
Despite kicking myself all weekend for going back 100% into stocks against my timing plans and facing futures down another 15+ S&P points from Friday-Monday morning...I think things went fairly well today. Many good companies closed strong despite the general index pullback near close (which I suspected could happen after Europe had been closed 4 days).
I think this year is different than last Spring when the pullback became a full correction/bear market in some industries. This time around China is on the cusp of loosening monetary and fiscal policy instead of in full tighten mode like last year. Additionally, I believe the US economy recovery, after another year removed from the crisis, is standing on relatively firmer footing than last year at this time. I don't dismiss the problems Europe is having, but I think their corporations are healthy and can provide enough spending support in the economy to not result in full failure.
Enjoying the cheap natural gas...:)
Stocktrader
Hi Stocktrader,
Stock market in US is telegraphing improvement worldwide. Stocks do not make series of new highs, unless there is built-in strength in US economy which is the-largest in the world.
PE multiples are expanding in a hurry..which is a sign of economic stability..
US market is predicting better economic environment worldwide.
Saleem
SALEEM
Hello...
EXCELLENT comments and great blog
plz keep it up
as for stock direction-we have taken a good hit I am way down but v optimistic as to direction of the market -UP
Miners are interesting --AUY..
GOLD AND COPPER are up PM FLX and SCCO ....
DOW futures are up $20 looking good for a positive day today.
Question:
I own t should I switch to VZ as a result of T Selling Yellow pages and labor unrest (union strike?)?
V best to all
Hi C,
Thanks for your feedback.
I do not follow T or VZ...
Saleem
SALEEM
amazon is green
Looks like China has stared to pump there economy
look at BIDU and SINA up
I say Giddy up AMAZON, up $1.27 hoping for some more run today...
C
Hi C,
BIDU has been very strong lately.
AMZN looking good$$$$
Saleem
Good morning.
If this is a 'pullback' we should be at the low. GLTA
Painterman
GLT you
I was thinking that this AM was the bottom--NOT
SO lets hope that we finnish correction today
My APPLE gave it all back and going down
God is the only green that I see...
C
Board
So Sorry
I ment to say GOLD
Gold is the only green I can find
AYT, GLD
my bad
C
Saleem
Day like today made us feel like why invest. All I see is red across he broad. I am buying back AMZN, get some GS as financial is way oversold at this point
Hi Up,
Yes, it is painful to lose$$$$
I am staying with current mix & see how it goes from here.
Good luck with your picks.
Saleem
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