Indices were under pressure again, but pared its losses by close.
S&P 500 closed above 50 DMA @ 1334.76, 50 DMA is 1334.55
RSI @ 47.61
Internals were :
Down volume led by 2.53 to 1 in NYSE & 2.67 to 1 in Nasdaq
Declining stocks led by 1.69 to 1 in NYSE & 1.48 to 1 in Nasdaq
New 52 wk highs were leading by 38 in NYSE & new 52 wk lows were leading by 16 in Nasdaq
VIX closed UP 2.12% @ 18.33
Oil closed @ $86.08
Gold closed @ $1565.30
Stocks which closed green included CIEN,ZNGA,AUY,CMG,LEN,
LNKD,MA,V......
AH Futures UP
AH Asian Markets UP
AH Asian Markets UP
AH Oil Down
AH Gold UP
About market, Chinese GDP came in @ 7.6% as expected. June Q came close to official GDP target of 7.5%. I expect GDP in Q3 to show acceleration. As market has sold off for six days in a row, which is a RARITY, i expect a major bounce from here. CMF actually rose in all indices today, which means that Black boxes were buying.
BLOG does NOT give buy or sell.
12 comments:
Hey Saleem,
This market is pretty strange. In four of the last five days, the S&P closed almost exactly where it opened (using SPY to get a valid opening print), but had large volatility intraday. My A/D characteristics look good (similar to your CMF), but the MACD had its first negative crossover since early May (subsequent to which we had the quick move lower). Also, despite six straight down days, the RSI is still 47.61. Confusing market indeed...
Additionally, I fear my tech spending cliff thesis won't play out for a month or so still (CSCO's CC in Aug?), if ever. I'm not sure how I'll adjust in the portfolio, but I guess I'm standing pat for now, but do have some buying power if I see an interesting buy to help increase my long side.
Overall, I guess I'm rather flat and smaller exposed to the market, which is the case with many people. The market will tell us soon which way it wants to go being this close to the 50 DMA--it can't stay here! :)
Stocktrader
SALEEM
PM is GREEN for a change
BIDU is up! I need copper to go a lot higher
C
Hi Stocktrader,
I monitor 50 DMA, CMF & RSI..that is enough for me to get a picture....
Technicals can be contradictory, but it is our job to interpret.
Saleem
Hi C,
It is a "$ accumulation day"
Saleem
Hey Saleem,
Bought a bit more SQQQ at 49.24. I am very skeptical still although the hedge might work against the portfolio for a while. Hopefully, the stock positions will do well enough to keep the overall return at least flat--I'll take that for now.
Stocktrader
SALEEM
MCD took off on my up yesterday 2 bucks and again up today.
GLTA
C
Hi Stocktrader,
Good luck with your strategy.
Saleem
Hi C,
Great pick MCD.....
Saleem
SALEEM
MCD got away form me
So sorry for that
SFL I snagged Maybe sell at $15.45
but I thank you for the well wishes on MCD
I was looking at JNJ any thoughts
C
Hi C,
Never followed JNJ......
Saleem
SALEEM
I got some COP
Looking at TWO and FFC for diversification
LVS make you smile?
C
Hi C,
My stocks have acted poorly for a while...not much strength today either.....but i will take whatever comes to me.
Saleem
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