Indices were marking time after huge move on Friday.
By close indices were down max .40%.
S&P 500 closed @ 1353.64
RSI @ 54.08
Internals were :
Down volume led by 1.63 to 1 in NYSE & 1.75 to 1 in Nasdaq
Declining stocks led by 1.23 to 1 in NYSE & 1.84 to 1 in Nasdaq
New 52 wk highs were leading, 206 in in NYSE & 61 in Nasdaq
VIX UP 2.21% @ 17.11
Oil closed @ $88.43
Gold closed @ $1591.60
AH Futures UP
AH Asian Markets UP
AH Oil & Gold UP
About market, TAPE was digesting Friday's huge move & were hardly down beyond .40% @ close. It is easy to recognize the strength of this market, when we do not lose majority or any of the gains. It will be prudent to take advantage of minor pullbacks & add or buy desired stocks. This TAPE has the hallmark of investing environment than trading.
BLOG does NOT give buy or sell.
16 comments:
Hey Saleem,
Bought POT at 45.05.
Stocktrader
Hi Stocktrader,
Good luck with POT.
Saleem
SALEEM
BIDU
fell off a cliff??
Any newsThanks
C
Hi C,
All Chinese high beta taking a hit....
Saleem
SALEEM
OUCH
Wow are now down $20 in the DOW
Phew
\C
Hi C,
BB Q&A should help stocks....
Saleem
Hey Saleem,
Bought FIO at 18.20.
Stocktrader
Hi Stocktrader,
FIO is @ the lowest price in almost a year.....maybe the-best performer going forward....
Saleem
Hey Saleem,
I think its technology is unparalleled--the question is how bad will the IT spending environment be? At this point, I'm just looking to add quality companies at good prices as my hedge will hopefully protect the downside risks.
Stocktrader
SALEEM
I gotta step out
Hoping for some sanity in the market
So far NYX is good.
POT may be great buy here!
Best of luck to all
Hi C,
Market @ low of the day now.....does not look good....
Saleem
Hey Saleem,
The $VIX is staying stunningly low still--something's got to give. Either the market is about to rally back up again, or this starts to waterfall down as people scramble for protection. To me it looks like a rally back today, but I'm staying net neutral as per my plan.
Stocktrader
Hi Stocktrader,
VIX has turned lower by 1.5%...which is a great sign for better close.
Saleem
Hey Saleem,
Sold M at 34.07. Either the consumer gets weaker because of the economy in the second half, or they lose purchasing power when QE3 hits. Either way, the consumer seems in trouble. I also didn't like the way the retailers are falling back today after trying to push higher. There's a report out (from Citi?) that July has been horrible so far, and this was supposed to be the catchup month in my thesis.
Stocktrader
Hi Stocktrader,
YES...retailers have been trending lower in anticipation of weak sales going forward.
That was the reason for my exit from COH.....was overexposed in a weak sector.
Saleem
SALEEM
COH should have been a sure fire winner--not..
All retailers seems to be in pain now
LVS is running for ya.
My SFL is on a roll My REITS are all on fire
Up 6% so far
But my ERF and CNQ are problems for now
I looked at POT and LLY for buying today--moved to fast
with todays talk of recession I got scared
Oh My
VBLTA
C
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