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
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