Indices closed near lows of the day.
S&P 500 closed @ 1379.32
RSI 58.69
Internals were :
Down volume led by 2.00 to 1 in NYSE & 1.49 to 1 in Nasdaq
Declining stocks led by 1.43 to 1 in NYSE & 1.48 to 1 in Nasdaq
New 52 wk highs were leading in NYSE 163 & 49 even with lows in Nasdaq
VIX closed UP 4.99% @ 18.93
Oil closed @ $88.06
Gold closed @ $1610.50
AH Futures Down
AH Asian Markets Down
AH Oil Down
AH Gold UP
About market, it is all about Fed policy statement. I am expecting a language change to reflect continued easing beyond 2014. This should satisfy bullish sentiment. Many traders are reading too much in day to day TAPE. Focus should be on the overall direction of the market, NOT what it will do next day. Based on many data including consumer confidence & Chicago PMI all showing the best reading in 4 & 3 months.Trough has reached in US economic picture.
BLOG does NOT give buy or sell.
Saleem
5 comments:
Hey Saleem,
There is no doubt this week will be choppy in coming days, but will likely maintain the positive bias unless something unexpected happens. Today's selloff merely sets the stage for possible rallies after news.
The high growth areas in which I usually invest are seeing some sluggishness currently, so neither my stocks nor my hedges were really working, hence the clearing of the decks.
I've got a little bit of ADNC remaining because it fell too fast as I was trying to sell, and I kept the APWC as I have done before. This leaves me at about 93.5% cash.
I'll let this week play out with its whipsaws and look to see where the dust settles this weekend, although I'll still maybe look at some commodities on dips now because China has by far the most firepower with stimulus and likely is imminent in timing.
Stocktrader
Saleem
It is raining in DC/MD! need it---75%
THis is one mother of all market runs! I am minting money the past 3 weeks
Hurrah!!!!!!!!!!!!!!
BIDU is green!
I got some ARR and more SFL, and GE!
SFL got stuck with 4 ships losing lease? So down it went---so people sold the news, IMHO
BB will/may offer more QE, and Friday will be lousy day with employment numbers low
C
Hi Stocktrader,
Good to take a "wait & see" approach, IF you are not comfortable.
I do not worry too much beyond a "general overview of market"..trend has been upwardly biased.
Saleem
Hi C,
To SFL or not to SFL has been your approach, i am sure your strategy will work out in the end.
BIDU is back on track after minor retracement.
We had 3 days of much needed rain which is bringing my sod to life.
Saleem
SALEEM
I am glad that the lawn is again green --like the market
smile
AUY is showing the money
Smiles
C
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