Tuesday, August 27, 2013

Indices closed down 1.14% to 2.16%......

Syria jitters consumed Wall Street today & we closed near lows of the day.

S&P 500 @ 1630.48, low 1629.05

RSI @ 35.14

CMF -0.089

Internals were :

Down volume led by 10.89 to 1 in NYSE & 10.47 to 1 in Nasdaq

Declining stocks led by 4.07 to 1 in NYSE & 6.79 to 1 in Nasdaq

Net new 52 wk lows were leading by 60 in NYSE & Highs were leading by 1 in Nasdaq

VIX UP 11.87% @ 16.77

Oil @ $109.01

Gold @ $1420.20

AH Futures UP

AH Asian Markets Down

AH Oil UP

AH Gold Down

About market, In the month of August we have pulled back 80.62 points or 4.71%, this included deeply overbought conditions, taper talk, housing slowdown & Syrian jitters. Most of the time in a strong bull market a pullback like this needs to be availed or else you miss a great buying opportunity. One needs to decipher Syrian situation in a realistic manner, it is not expected to be another occupation like Iraq or Afghanistan thus any action or reaction will be short lived.

BLOG does NOT give buy or sell.

Saleem

No comments: