Indices were in a panic on Italian election deadlock.
S&P 500 closed @ 1487.85
RSI @ 44.60
CMF @ 0.163
Internals were :
Down volume led by 10.15 to 1 in NYSE & 5.75 to 1 in Nasdaq
Declining stocks led by 3.52 to 1 in NYSE & 4.12 to 1 in Nasdaq
Net new 52 wk highs were leading by 118 in NYSE & 65 in Nasdaq
VIX jumped 34.02% @ 18.99
Oil closed @ $93.11
Gold closed @ $1586.60
AH Futures UP
AH Asian Markets Mixed
AH Oil Down
AH Gold UP
About market, IBD has changed its market outlook tonight to "market in correction". S&P 500 & Nasdaq both closed @ absolute low of the day, Dow closed few tick above low. TAPE had to endure many negative news whole day, PMI, Italian Election, Ben Bernanke Tuesday testimony & sequester...no wonder we collapsed with surprise on first two & tension about last two. I do not see any meaningful downside pressure. There is strong support around 1476. Now that S&P 500 has corrected 2.81% in two downside move, it may be time to start nibbling again, as FEAR is gripping TAPE as per VIX.
BLOG does NOT give buy or sell.
Saleem
Hey Saleem,
ReplyDeleteTook this opportunity to sell off FIO @ 15.71.
Lots of stocks getting crushed today--I think margin clerks are at work...the CF and AXLL declines look really strange to me.
Stocktrader
Hey Saleem,
ReplyDeleteI decided to use that weakness and pick up some more AXLL @ 52.47.
Stocktrader
Hey Saleem,
ReplyDeleteAdded to CF @ 190.83.
Stocktrader
Hi Stocktrader,
ReplyDeleteUSDA crop projection & price projection for corn is taking a toll on CF.
Saleem
Hey Saleem,
ReplyDeleteWell it got me some more cheap CF, so that's great! :)
Added to PFPT and DSPG with the rest of the remaining funds from the FIO sale.
Stocktrader
Hi Stocktrader,
ReplyDeleteGood luck with all add-on.
Saleem