Indices were in a major slump, after S&P 500 sliced through 50 DMA.
Volume was high.
S&P 500 low today was 1357.38, closing @ 1358.59
RSI @ 36.99 in deep oversold condition....
Internals were :
Down volume led by 14.52 to 1 in NYSE & 12.66 to 1 in Nasdaq
Declining stocks led by 5.77 to 1 in NYSE & 4.78 to 1 in Nasdaq
New 52 wk lows were in the lead, 73 in NYSE & 86 in Nasdaq
VIX closed UP 8.40% @ 20.39
Oil closed @ $101.02
Gold closed @ $1660.70
AH News :
AA UP 5.36%
AMCC Down 4.95%
Stocks which were down 3% or more included COH,RVBD,ZNGA,
LEN,MS,LULU,PCLN,
FIO,NTES,LVS,FFIV,MA,
M,SNDK......
AH Futures UP
AH Asian Markets Down
AH Gold Down
AH Oil UP
About market, today's technical breakdown is a major setback. It is NEVER good that technical backdrop is WEAK. Now market is vulnerable to any negative news flow. Even IF we cross back above 50 DMA, it may not be as healthy in the short term. Please do not be too aggressive, until market is FIRMLY above 50 DMA for several weeks. We need base building again & many positive news flow for weeks.Extreme volatility is back.
BLOG does NOT give buy or sell.
Saleem
7 comments:
Saleem
Yes, not aggressive for a few weeks
I got caught in the down draft
Woosh, on me!!!!!!!!!
PM dow futures up $87
Europe is again bad news, Spain , Greece, Etc.
The ECB is sort of a failure?
Now we got an earthquake and a Tsunami in Indonesia, yeks--this may impact USA
Gold , silver copper are down today,,,,,
VBTA
C
Hi C,
Be careful with all base & precious metals..they have NOT worked for months...reason China, China & China....
Saleem
Saleem
With AA's great report, commodity stocks should be strong today. Hopefully there is more room to go. We are entering resistance level, let see how market act
Hi Up,
So far so good, close is important.
Saleem
Saleem
FCX was pounded by CNBC talking heads
They said China was the culprit.
I guess I got the empty bag
C
Hi C,
FCX has been dead for a while..CNBC is noticing NOW?
Try to move ON......
Saleem
SALEEM
Yes I know that I fell in love with FCX
I got my sell order in now
taking a very good spanking on the sale
I hope others were not stubborn like me
C
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