Indices were in full fledged bull mode, on continued rumour being fed that Chinese GDP data will be "better than expected".
Few minutes ago Chinese GDP data came in lower than expected 8.1% actual vs expectations of 8.3%.
Indices were UP nicely.
S&P 500 is well above 50 DMA of 1374.79, closing @ 1387.57.
Internals were :
UP volume led by 10.60 to 1 in NYSE & 5.00 to 1 in Nasdaq
Advancing stocks led by 4.63 to 1 in NYSE & 2.85 to 1 in Nasdaq
New 52 wk highs were in the lead, 53 in NYSE & 51 in Nasdaq
VIX tumbled 14.09% @ 17.20
Oil closed @ $103.64
Gold closed @ $1680.60
Stocks which were UP 3% or more included CNQ,MS,RVBD,ZNGA,
CLF,FCX,TCK,BIDU,
LNKD,OTEX,FIO,GG,
SLW,SU,QCOM,APKT,
V,VECO,JDSU,CIEN,
FNSR....
AH ER :
GOOG UP .07%
CSTR UP 13.85%
AH Futures Down
AH Asian Markets UP
AH Oil & Gold Down
About market, US banks earnings will have more weight than Chinese Data. Dow is below 50 DMA by 4.74 points, which is the last hurdle in an improving technical picture. Markets may shrug of in-line industrial output from China also. Most intelligent investors are aware of Chinese slowdown, where export is becoming a major issue. Market may have discounted Chinese slowdown.
Do not worry about Friday the 13th, as long as Banks earnings are better than expected.
BLOG does NOT give buy or sell.
Saleem
9 comments:
SALEEM
YOu will be happy to know that CNBC loves the banks
MS should blast Up PM .13 cents.
JPM had good earning today!
NYB should have a good day as GS...
VBTA
C
Hi C,
Futures & Stocks looking lower @ open.....
Let us see how we close Friday the 13th Weekly Option Expiry.
Saleem
Saleem
I expected this kind of action today, was hoping JPM deliver and no sell the new effect will occur. But hope is hope and reality step in. I don't like the direction this market is going and will used a today's bounce to get out some of my positions. I sold GS last night but buy back a little early today
Hi Up,
Reaction is not too severe considering China,Spain & US data are swirling.....PLUS weekly Option Expiry?????
Market is a humbling place for us mortals.....
I also added COH too early, it was flashing GREEN @ open.....
I am staying put with all my position...close may be lot better than lows of today.....i hope..i hope..i wish....
Saleem
Hey Saleem,
Although there are a lot of concerns right now, unless we give back all of yesterday's great broad rally, I feel being constructive on the market is still the correct posture.
Stocktrader
Stocktrader
If we take out AAPL and GOOG, naz will look much better. As one say, when leader is fading, everything will follow. So my conclusion market is a sell without leadership. But I still think we needed to ease some of those oversold condition before the drop
Hi Stocktrader,
I agree with your take which requires conviction to accumulate further gains....
Market is healthy$$$$
Saleem
SALEEM
I hope you are all correct-market is eerie...
market is chugging in a poor direction for now
Close will be the tell
I got SFL it dropped to--I felt the market was firmer than it turned out to be
My tiny position in TAL is green again....I guess we need container for shipping!!!!!!!!..
apple so sad today---yuk
C
Hi C,
I hope i am correct in my market read.
Saleem
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