Indices had lot going for it, China cut lending & deposit rates by .25%, Ben Bernanke repeated his commitment to assist US economy IF needed, but all this bullish moves added up to zilch by close.
Indices closed mixed.
S&P 500 high today was 1329.05, closing @ 1314.99
RSI @ 45.43
Internals were :
Down volume led by 1.24 to 1 in NYSE & 3.07 to 1 in Nasdaq
Declining stocks led by 1.16 to 1 in NYSE & 1.42 to 1 in Nasdaq
New 52 wk highs were leading, 67 in NYSE & 40 in Nasdaq
VIX closed Down 1.99% @ 21.72
Oil closed @ $84.82
Gold closed @ $1588.00
Stocks which were UP 1% or more included LNKD,
BIDU,CIEN,SINA,MGA,CSIQ,KOG,AGU....
AH Futures Mixed
AH Asian Markets Down
AH Oil & Gold Down
About market, TAPE was extremely disappointing today.Close & internals were to the downside. There were some bright spot, like VIX stayed down & New 52 wk highs were in the lead. There is great concern for Saturday's economic reports from China. Chinese data has been weak for last seven months & it will not be any different on Saturday. Rate cut by China is meant to push for growth.
BLOG does NOT give buy or sell
Saleem
8 comments:
SALEEM
Good morning to you and all Bloggers!!!!!
PM is down ward commodities are down too, BDI down $6... time 7AM
Oil is down when do we get to the floor?
Cheep energy should bode well for Housing!!
I am hoping for a green close for the weekend.
PS
On a personal note:
We planted a victory garden
Tomatoes, carrots and squash, peppers
too
BEst to all
Hi C,
Gardening is a great hobby...landscaping is all done by us..from planning to planting to taking care......good for soul.
Canadian Job creation was 7700 vs expectations of 5000......
Stock Futures are improving slowly..Dow down 35.....who knows ..you may get green close.
Saleem
Hey c,
Love the garden mix--great add-ons for any meal. Enjoy your time there this summer! :)
Stocktrader
Hey Saleem,
FDX looks interesting this morning with their price hike today and also low fuel costs. The barrier to entry is so high on their business. I'm interested, but I already have other ideas that I'm struggling to participate in (CMI, MOS). Adding FDX to the waiting list I guess.
Stocktrader
Hi Stocktrader,
Conceptually i like your pick of Cummins Engine......
I know..so many stocks to like, BUT can pick few only.....
S&P 500 futures are close to GREEN....
Saleem
Hey Saleem,
Sold ZNGA @ 6.0901 to raise some cash for a potential new investment. The street hates this $5B market cap online game company so much that I don't think it can move up until we get further verification that the business model will work. I'll stay on the sidelines and watch for now.
Stocktrader
Hey Saleem,
Bought CMI @ 96.71. As I mentioned yesterday, with NAV's problems and a great trucking replacement cycle ensuing, I think CMI is positioned well, maybe even specifically for this earnings release.
Stocktrader
Hi Stocktrader,
I like Cummins Engine, good move in switching.....
Saleem
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