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
6 comments:
Hey Saleem,
Took 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,
I decided to use that weakness and pick up some more AXLL @ 52.47.
Stocktrader
Hey Saleem,
Added to CF @ 190.83.
Stocktrader
Hi Stocktrader,
USDA crop projection & price projection for corn is taking a toll on CF.
Saleem
Hey Saleem,
Well 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,
Good luck with all add-on.
Saleem
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