Indices closed slightly lower.
S&P 500 @ 1509.39
RSI @ 63.74
CMF @ 0.445
Internals were :
Down volume led by 1.82 to 1 in NYSE & 1.57 to 1 in Nasdaq
Declining stocks led by 1.33 to 1 in NYSE & 1.64 to 1 in Nasdaq
Net new 52 wk highs were leading by 203 in NYSE & 110 in Nasdaq
VIX closed UP .67% @ 13.50
Oil @ $95.83
Gold @ $1671.30
AH ER :
CSTR Down 8.69%
LNKD UP 9.48%
AH Futures UP
AH Asian Markets UP
AH Oil & Gold UP
About market, Our two world famous market timer Doug Kass & Brian Kelly are calling this market summer of 1987 when we had 26% DROP IN ONE DAY ON A MONDAY & BK calling it BUBBLE.... Those who follow any technical indicator KNOW that, we are not even close to extreme overbought conditions ANYWHERE.... never mind all time extreme or bubble created in the RUNUP to October 1987 crash????? Market remains healthy & is closing near highs of the day on any minor pullback.S&P 500 has been basing for five days near same level, will not surprise me IF we break out on Friday..yes tomorrow.
BLOG does NOT give buy or sell.
Saleem
2 comments:
Hey Saleem,
If I recall correctly, 1987 also had much higher valuations on all large blue chip stocks. I don't mind if people are looking for a pullback here (which we might not get anyways), but calling a yearly market top is completely ridiculous in my opinion given the extremes in conservative sentiment both from consumers and businesses still (just look at very low bond yields, very high cash on balance sheets, and very low retail market participation).
One of my few bright spots today was the well-timed WPRT purchase. Otherwise, today's tone was definitely defensive even with the closing rally. Hopefully, tomorrow looks better across my stocks.
Stocktrader
Hi Stocktrader,
In 1987 PE on S&P 500 was trading @ the-highest level...NOT even close since....
These are just jokers appearing on CNBC to amuse audience..they are WRONG 80% of the time & keep adjusting to what they said originally.....
Saleem
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