Wednesday, May 2, 2012

Constructive close today, despite European & US data......

Close today is very impressive, indices recovered most of their losses & Nasdaq closed near high of the day & in green. S&P 500 lost 3 points & Dow 10 points.

European 11% jobless rate & ADP low job growth, did very little damage.

S&P 500 closed @ 1402.31, RSI @ 56.14

Internals were :

Down volume led by 2.04 to 1 in NYSE & .71 to 1 in Nasdaq

Declining stocks led by 1.28 to 1 in NYSE & .88 to 1 in Nasdaq

New 52 wk highs were leading, 101 in NYSE & 81 in Nasdaq

VIX @ 16.88

Oil closed @ $105.22

Gold closed @ $1654.00

Stocks which closed UP 2% or more included COH,
LEN,LULU,ZNGA,MU,VECO....

AH ER :

V Down 2.14%

JDSU Down 4.49%

GMCR Down 40.59%

WFM UP 3.70%

APKT UP 8.08%

AH Futures Down

AH Asian Markets Mixed

AH Oil UP

AH Gold Down

About market, Jobless claims report will impact the day. I am expecting jittery reaction to upcoming jobs report on Friday. Down close may be the result of, buyers waiting to see jobs report Friday before open. We need a boring close once in a while. A good day on Thursday to think / readjust portfolio to take advantage of any weakness.

BLOG does NOT give buy or sell.

Saleem

4 comments:

stocktrader_1996 said...

Hey Saleem,

I went for a 203.60 CF sell today and missed. I've been mostly busy otherwise to watch price action, but it doesn't look good. I think I'm still looking to sell--hopefully can get a bounce to around the 198 level where I'll probably let go of it.

Stocktrader

Stocks100 said...

Hi Stocktrader,

Good luck with CF....keep in mind that market is getting weaker....

Saleem

c said...

SALEEM

the market is way weaker

Just awful
no barking dogs as all!
My REITS are the only green TWO, NLY and AGNC

Yeks

Stocks100 said...

Hi C,

Who let the dog out.....

Saleem