Indices reacted to poor earnings report & fear of slow growth.
S&P 500 @ 1552.01
RSI @ 47.88
CMF @ 0.211
Internals were :
Down volume led by 10.08 to 1 in NYSE & 5.67 to 1 in Nasdaq
Declining stocks led by 3.44 to 1 in NYSE & 4.37 to 1 in Nasdaq
Net new 52 wk lows were leading by 42 in NYSE & 39 in Nasdaq
VIX UP 18.27% @ 16.51
Oil @ $86.68
Gold @ $1382.70
AH ER :
SNDK UP 1.31%
EBAY Down 2.62%
AH Futures Down
AH Asian Markets Down
AH Oil & Gold Down
About market, IBD tonight is changing its market outlook to "market in correction". TAPE has turned negative all over. Nasdaq is below 50 DMA which may be telling us that other indices to go below 50 DMA also. All this negativity can push indices lower in a hurry BUT it may complete this pullback also. I am expecting jittery market until October. It is how you benefit from it is the issue.Many stocks will outperform in this weak season, it is important to find them & show conviction.
BLOG does NOT give buy or sell.
Saleem
No comments:
Post a Comment