Indices pulled back to correct further from an overbought enthusiastic market.
S&P 500 closed @ 1399.48
RSI @ 52.01
CMF @ 0.192
Internals were :
Down volume led by 4.43 to 1 in NYSE & 6.55 to 1 in Nasdaq
Declining stocks led by 2.55 to 1 in NYSE & 3.08 to 1 in Nasdaq
New 52 wk high were leading by 44 in NYSE & 9 in Nasdaq
VIX closed UP 4.51% @ 17.83
Oil @ $94.62
Gold @ $1657.10
AH ER :
OVTI UP 8.93%
SPLK UP 16.07%
AH Futures UP
AH Asian Markets Down
AH Oil unchanged
AH Gold UP
About market, it seems that stage is all set for a downbeat reaction to Ben Bernanke whose "usual language" may be greeted with down move in market. But market should regain its footing by close, as Europe takes focus where real news is coming by end of next week. Strength of this market is due to gradual improvement in US economy & upcoming major support to European debt issues.
BLOG does NOT give buy or sell.
Saleem
6 comments:
Hey Saleen,
Charlie asked about GRPN yesterday. I bought some for my small trading account at ~4.173 this morning. I think today might be the rally day. I still am uncertain about it for the main slower money account however.
Stocktrader
Hi Stocktrader,
I am glad you gave a detailed analysis of GRPN to Charlie.
Good luck with GRPN....
Saleem
Hey Saleem,
Just to finish it off, I sold back the GRPN at 4.171. What started promising looks instead like another sluggish day, and I've moved on for now. I may try again another time, but I won't bore this blog with those details given it's a quick trading account in which I'd trade it. I just wanted to let Charlie know I sold back out today.
Lots of good news today from all over the globe! :)
Stocktrader
Hi Stocktrader,
I am sure Charlie appreciate that you told him about your exit from GRPN....
Saleem
Hey Saleem,
The continued move higher of commodity prices is starting to bother me again. It might hamper those emerging economies from really stimulating like we'd want.
Do you have any thoughts on that idea?
Stocktrader
Hi Stocktrader,
The runup in Oil @ $96.24 & Gasoline @ $3.12 is troubling BUT Nat Gas is staying low @ $2.78.......
Copper @ $3.45 is moderate......
I personally believe that, once European Debt is given a solution next week, world economy may get back on track.....major uncertainty will be gone.
Saleem
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