Wednesday, May 16, 2012

Another lower low close.....

Indices closed near lows of the day in all indices.

Volume picked up in some.....

S&P 500 closed a tick above low of the day @ 1324.80

RSI @ 29.67

Internals were negative & were down over 2 to 1

New 52 wk lows intensified, 135 in NYSE & 122 in Nasdaq

Oil Down @ $92.81

Gold Down @ $1536.60

VIX closed UP @ 22.27

AH Futures UP

AH Asian Markets UP

AH Oil & Gold UP

About Market, S&P 500 has shed 7.37% @ close since start of April. Pessimism is @ its peak. Most stocks RSI are near bear market lows. We may see a strong rebound from current level.

BLOG does NOT give buy or sell.

Saleem
at

11 comments:

  1. stocktrader_1996May 17, 2012 at 5:41 AM

    Hey Saleem,

    RL got a positive mention today in an analyst note, and at a quick look it seems attractive at these levels. Do you (or anyone else) have any insight on this company?

    Thanks! :)

    Stocktrader

    ReplyDelete
  2. Stocks100May 17, 2012 at 5:50 AM

    Hi Stocktrader,

    NO..i do not follow RL....

    Looked @ chart....it is below 50 & 200.....RSI @ 27.29......

    Saleem

    ReplyDelete
  3. cMay 17, 2012 at 6:05 AM

    Saleem

    Market is positive leaning
    GOLD SILVER COPPER are up
    DOW PM + $17, is positive, BDI is unchanged today....

    lets hope for some traction today

    C

    ReplyDelete
  4. Stocks100May 17, 2012 at 6:13 AM

    Hi C,

    TRACTION & upward SLOPE is what we need....

    Saleem

    ReplyDelete
  5. cMay 17, 2012 at 6:58 AM

    SALEEM

    Look at this news on TankersSuezmax charge continues

    A burst of business in West Africa has sent suezmax rates soaring again to the US and Europe, with owners pocketing nearly 70% more at $30,500 per day.

    link here:
    http://www.tradewindsnews.com/tankers/ar...

    VBTA

    ReplyDelete
  6. Stocks100May 17, 2012 at 7:07 AM

    Hi C,

    Shipping is one sector, i have never understood its business model...huge loss for many...

    Saleem

    ReplyDelete
  7. cMay 17, 2012 at 7:33 AM

    SALEEM

    I am so sorry

    I do not mean to displease

    This is the first news that is over the top
    for tanker rates and may bode well
    for all tankers rates in general
    In nut shell, high rates mens HUGE profits !!

    Hope thinks are going well for ya and that all is well
    with the family

    ReplyDelete
  8. Stocks100May 17, 2012 at 7:51 AM

    Hi C,

    I made a statement about shipping sector..which is beyond my understanding...that is all.

    Everybody is OK...mother is in Texas..with my youngest brother.

    Saleem

    ReplyDelete
  9. cMay 17, 2012 at 8:04 AM

    Saleem

    GOLD is hot today
    AUY and FCX are popping

    Gold is up $35

    Whoo who

    C

    ReplyDelete
  10. stocktrader_1996May 17, 2012 at 10:10 AM

    Hey Saleem,

    Looks like a solid bottom today for medium term? You could really feel the washout of prices and emotion?

    Stocktrader

    ReplyDelete
  11. Stocks100May 17, 2012 at 10:18 AM

    Hi Stocktrader,

    With all the bad news about US economy today..it seema that , we have found a bottom for now....

    Saleem

    ReplyDelete