Indices were under selling pressure, all indices closed down.
S&P 500 @ 1562.17
RSI @ 59.65
CMF @ 0.372
Internals were :
Down volume led by 3.04 to 1 in NYSE & 3.43 to 1 in Nasdaq
Declining stocks led by 2.29 to 1 in NYSE & 2.61 to 1 in Nasdaq
Net new 52 wk highs were leading by 195 in NYSE & 90 in Nasdaq
VIX UP 6.93% @ 13.58
Oil @ $97.07
Gold @ $1600.90
AH Futures UP
AH Asian Markets Mixed
AH Oil Down
AH Gold UP
About market, TAPE was under selling pressure due to weak worldwide data. Despite poor internals volume was low. I do not think that this is a start of any correction. S&P 500 should make series of all time highs before any correction. Stay with your profitable position & prune weak ones. Exposure can be reduced as market moves higher.
BLOG does NOT give buy or sell.
Saleem
Hey Saleem,
ReplyDeleteI stepped out of RDN for the moment to see if the FNMA results have a perverse negative impact on the private side of the industry because it might entice the government to linger in this space longer than thought.
I plan to rebuy quickly if these fears don't materialize but feel there's potential 10% downside given the huge accumulation we've seen in the private insurers so far this year.
Stocktrader
Hi Stocktrader,
ReplyDeleteI do not follow RDN that closely..i will leave it as is for now.
Saleem