Indices were under pressure all day, it made a brave effort to be in green, but close was in the red.
S&P 500 closed @ 1310.33.
RSI 36.53
Internals were :
Down volume led by 1.21 to 1 in NYSE & 1.58 to 1 in Nasdaq
Declining stocks led by 1.08 to 1 in NYSE & 1.10 to 1 in Nasdaq
New 52 wk lows were in the lead, 125 in NYSE & 93 in Nasdaq
VIX down .33% @ 24.06
Oil @ $86.53
Gold @ $1564.20
AH Futures Down
AH Asian Markets Mixed
AH Oil & Gold Down
Chinese official PMI for May came in @ 50.4 vs expectations of 52.2, April was @ 53.3 a 13 month high. Chinese official statement was that growth will pick up in 2nd half, which is a general consensus. Anything above 50 is a growing economy.I do not see recession which CNBC will trumpet.
Indian GDP for Q1 came in @ 5.3% lowest growth rate in 9 years. Q4 growth was 6.1%...a steep drop from Q4.....
About market, market has discounted slow growth for the most part for China, India & US. Jobs report shortfall could be part of this. I expect market to fight its way out of Jobs data & Chinese slow PMI growth. Yes... it is very painful near bottom, but today's TAPE was very encouraging. I recommend staying the course, as most bad news are out already.
BLOG does NOT give buy or sell.
Saleem
8 comments:
Hey Saleem,
If prices get really attractive today, I'm looking to buy some stocks. My current list of interesting candidates includes my usual tech (RVBD/NXPI/PAY), retail (COH/ULTA), commodity (CF/FCX/CLF/SWC/KOG), financial (MET/JPM/BAC). Are there any *additional* you are watching right now that are high on your list? and do you think I should go with something extremely beaten up like a CLF/MET? or something with high relative strength like an ULTA? I really think we are nearing the bottom overall and I feel we can find some stocks 30%+ undervalued if we pool our resources.
Getting ready for another volatile day...
Stocktrader
HELLO ALL
this may be a rocky market
make no plans till emplouyment numbers get digested
wow one step up 2 step back
I like VISA and MS for banks, AIG, insurance....
shipping is looking interesting
nat gas has to be way over sold, electric usage is up so over supply of nat gas should get used up---they say dry gas is scarce
Oil could drop to $80, or below.
Low energy price helps make P&G and other high users very profitable.
SDRL is one that I got that is way over sold
Just my musing and.02cents
VBTA
C
Hi Stocktrader,
Please stay away from commodity plays.....GG,AUY & M are worth a look.
Good luck with your pick.
Saleem
SALEEM
AUY is on fire
best to all
market is bad
C
Hi all,
Looks like capitulation to me. All aboard.
Victor
Hi Victor,
YES..FEELS that way......
Staying put with all my position.
Saleem
VOCTOR
Hello
IS there big volume??
Blood in the streets
Apple is crushed as ar eall my holding
good luck to all
C
Hi C,
Volume already is HIGHER than last 4 days.......@ 1.53 PM
Saleem
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