Indices were under selling pressure in the last hour, when traders were thinking of all the uncertainty associated with Greece.
All indices were in red @ close.
S&P 500 low today was 1328.41, closing @ 1330.66
RSI @ 31.23
Internals were :
Down volume led by 3.72 to 1 in NYSE & 2.21 to 1 in Nasdaq
Declining stocks led by 1.90 to 1 in NYSE & 1.18 to 1 in Nasdaq
New 52 wk lows were leading, 126 in NYSE & 101 in Nasdaq
VIX closed UP .46% @ 21.97
Oil closed @ $93.98
Gold closed @ $1557.10
Stocks which closed UP 1% or more included KORS,
BIDU,LEN,VMW,GOOG,CRM,ZNGA,FNSR......
AH ER JCP Down 12.21%
AH Futures UP
AH Asian Markets Down
AH Oil & Gold Down
About market, we are deeply oversold & market is still ignoring many positive economic news. Sometimes market may be anticipating event which may not be priced in. May has certainly surprised all of us with deepest pullback since last year, so far we are down 6.61% since April 2012. An oversold bounce is imminent.
BLOG does NOT give buy or sell.
Saleem
8 comments:
Saleem
good morning
PM Dow +$20, oil down, gold silver copper all down
BDI is -2 down
IMHO is all indicators are down we will have
a poor performance
We need some positive news form Greece!
my portfolio is down and lousy
It is 65% in MD/DC beautiful sunny and pleasant day....
VBTA
Hi C,
What goes DOWN must come UP......is the rationale behind investing.
Gradually we build strength.
Saleem
SALEEM
Yes down is up
Got it
;):):):)
Hey Saleem,
Now that Greece is going back to elections, they can be out of the headlines for a month?
Looking good so far today--hope it holds :)
Stocktrader
SALEEM
maybe we get that V you talked about
nice move up so far
C
Hi Stocktrader,
Angela Merkel statement that they want to keep greece in EU is making a huge difference...
Saleem
Hey Saleem,
I'm not sure it's up to her--it really seems like it will come down to the elections next month and how hard Greece wants to renegotiate the bailout and/or threaten leaving. Of course Germany wants Greece in the euro--it's keeping it nice and weak for German exports.
The question is what I do with my commodity losers. I keep thinking China will stimulate more especially during their political transition this year, but I'm not sure it matters enough given how sluggish growth will continue to be for quite a while in many places in the world. Add in the extremely cheap valuation and I have a dilemma.
Stocktrader
Hi Stocktrader,
Chinese growth is projected to be 7%....that is their target.....which is way down from 11% before....that IS the reason all commodities are in deep downtrend......i have expressed this for many months....
Price action for months needs to be taken seriously.....
Saleem
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