Indices closed weak but managed to stay above previous low.
S&P 500 @ 1631.38, low today 1623.62 previous low 1622.72
RSI @ 50.02
CMF @ 0.200
Internal were :
Down volume led by 2.10 to 1 in NYSE & 2.14 to 1 in Nasdaq
Declining stocks led by 1.72 to 1 in NYSE & 2.00 to 1 in Nasdaq
Net new 52 wk lows were leading by 44 in NYSE & new highs were leading by 107 in Nasdaq
VIX Down .06% @ 16.27
Oil @ $93.31
Gold @ $1397.20
AH Futures Down
AH Asian Markets Down
AH Oil & Gold UP
About market, TAPE was weak again. Fed Governors are becoming more hawkish about reducing stimulus. Mr Fisher was pretty firm in his tone in Toronto speech tonight. Market internals are becoming weaker. Any strength in any stat will push this TAPE lower. Jobs expectations are 167,000 for Friday, i am of the view that this will be easily surpassed.
BLOG does NOT give buy or sell.
Saleem
6 comments:
Hey Saleem,
At some point strong data will be considered good as these companies need revenue growth to drive earnings beyond just cost-cutting. Along with your thoughts though, I don't think we're quite there yet--the market definitely looks vulnerable. I'm trying to stick only with stories I am extremely confident in or prices that are extremely attractive (or both!).
Stocktrader
Hi Stocktrader,
Thanks for your feedback.
Main purpose of my BLOG is to focus on trends which may not be in vogue & to assist many traders in their decision making.
Sometimes looking into future is not popular but these conclusions comes to me with deep analysis.
Your portfolio has certainly performed way better than market & you can & do react to big changes in a hurry.
Once we cross this current...things will be fine.
Saleem
Hey Saleem,
Bought RDN @ 12.29 with my remaining cash.
Stocktrader
Hi Stocktrader,
RDN is holding firm today.
Good luck.
Saleem
Hey Saleem,
It's amazing to see the "froth" that was built up, but usually only in hindsight. Many of these stocks fell to levels in a week that I didn't know if they'd ever hit again.
I definitely didn't think we'd see the $VIX at 17+ without some kind of crisis, European or political or something. Instead, we are in the same economy, slow growth, that we've been in for years, but the market got confused along the way.
S&P 50 DMA at 1604.39 could certainly come into play soon but the short-term oversold indicators are starting to pop a little.
Stocktrader
Hi Stocktrader,
Based on the anticipated weakness which i have been highlighting for @ least 10 days..i am expecting 50 DMA to be breached easily.
I also think that VIX may taper off around 20+ area......
This TAPE is reverse of What we had for last five months.....these downtrend takes time......
Saleem
Post a Comment