Indices were under selling pressure all day & closed near lows of the day.
Reason for worldwide selling was Spain & Greece.
S&P 500 closed @ 1313.32, low was 1310.76
RSI 37.44
Internals were :
Down volume 13.33 to 1 in NYSE & 6.46 to 1 in Nasdaq
Declining stocks led by 6.58 to 1 in NYSE & 3.82 to 1 in Nasdaq
New 52 wk lows were leading, 65 in NYSE & 62 in Nasdaq
Oil closed @ $87.82
Gold closed @ $1565.70
VIX closed @ 24.14, UP 14.79%
AH Futures Down
AH Asian Markets Down
AH Oil & Gold Down
About market, next two days is all about jobs related news. Thursday is ADP & jobless claims & Friday is Jobs report. As we are deeply oversold AGAIN based on RSI, it is probable that we may end UP HIGHER both days. Remember TWO UP & ONE DOWN. European situation can go on for many years to come. They will go in background for few days or weeks then come back to forefront with vengeance.
BLOG does NOT give buy or sell.
Saleem
6 comments:
Hey Saleem,
I am tempted to buy RVBD on the FFIV resignations as it may finally give us a reason given how cheap and innovative RVBD is.
Expecting further deterioration today...
Stocktrader
Hi Stocktrader,
Based on valuation..RVBD is a strong buy..they are also going after FFIV business.
Saleem
Hey Saleem,
Sold FCX @ 31.70 and CLF @ 47.75315. I realize probably a little late on both, but I feel we could see a quick 5-10% down on commodities still, so I want to be more liquid. It might merely be a situation where I buy them back later, but I also want to have other options available.
Stocktrader
Hi Stocktrader,
Market is tough these days, we all need to make decision based on TAPE.
Good luck with your future pick.
Saleem
Hey Saleem,
If I did nothing else right, selling SWC @ 9.09 near close yesterday was a great move. It is 8.25 now after just a half day of trading, and on no news! Amazing moves...do I buy it back?? :)
Stocktrader
Hi stocktrader,
You know swc better than most.
Saleem
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