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
2 comments:
Hey Saleem,
I 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,
I do not follow RDN that closely..i will leave it as is for now.
Saleem
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