Indices are making lower lows on ongoing uncertainty of Fed move.
S&P 500 @ 1612.52, low 1610.92
RSI @ 44.20
CMF -0.016
Internals were :
Down volume led by 4.09 to 1 in NYSE & 3.32 to 1 in Nasdaq
Declining stocks led by 4.25 to 1 in NYSE & 2.35 to 1 in Nasdaq
Net new 52 wk lows were leading by 350 in NYSE & new highs were leading by 52 in Nasdaq
VIX UP 8.90% @ 18.59
Oil @ $95.88
Gold @ $1392.00 low today $1372.20
AH Futures Down
AH Asian Markets Down
AH Oil & Gold Down
About market, Nikkei is down sharply, last check down 800 points, it has lost 21.55% in last 3 weeks, Nikkei is in bear market in roughly 15 trading days. Yen has gained 8.54% in roughly 14 trading days..this will affect profitability of Japanese exporters. Asian TAPE does not bode well for Europe or North America when it opens. Only co-ordinated move by Central Banks to weaken Yen can prevent worldwide market slump.
BLOG does NOT give buy or sell.
Saleem
Hey Saleem,
ReplyDeleteThis market is very difficult to figure although the sentiment has shifted quickly:
http://www.schaeffersresearch.com/streetools/market_tools/investors_intelligence.aspx
The data gets polled on Tuesday midday from what I understand, so I imagine with the late-day Tuesday selloff and yesterday's horrible action, this sentiment data could be even worse!
Sold MSFT @ 34.69 and bought SODA @ 70.83. It looks like MSFT needs to digest its large gains in recent months and I wonder if this particular quarter for MSFT could be squishy. Bought SODA as the growth story coupled with the buyout potential makes it attractive even at these prices. I actually feel a bit lucky to have been able to buy back cheaper than where I sold it previously.
Stocktrader
Hi Stocktrader,
ReplyDeleteWe are getting a weak "oversold bounce"..as yield on 10 yr is a touch lower today @ 2.187%...from high of 2.25%.....
It is the Fed......
Good luck with SODA..lot of good things are happening in SODA....PEPSI maybe.....
Sale