Tuesday, October 8, 2013

Indices closed down 1.07% to 2.00%......

Indices were in high volume selling mode.....

S&P 500 @ 1655.45, low 1655.03

RSI @ 39.19

CMF @ -0.032

Internals were :

Down volume led by 8.38 to 1 in NYSE & 12.42 to 1 in Nasdaq

Declining stocks led by 4.25 to 1 in NYSE & 3.99 to 1 in Nasdaq

Net new 52 wk lows were leading by 15 in NYSE & highs by 7 in Nasdaq

VIX UP 4.79% @ 20.34

Oil @ $103.49

Gold @ $1324.60

AH ER YUM Down 7.02%.....AA UP 3.02%

AH Futures UP

AH Asian Markets Mixed

AH Oil & Gold Down

About market, IBD tonight has lowered its market outlook to "market in correction". Indices closed near lows of the day. So far S&P 500 has lost 74.87 points or down 4.33% in fourteen trading days. Politicians are still dug in with same rhetoric of "unconditional surrender" by other party. As indices are deeply oversold, we may get a weak bounce on Wednesday while politicians scramble for "face saving tactics".

BLOG does NOT give buy or sell.

Saleem

8 comments:

stocktrader_1996 said...

Hey Saleem,

I get the feeling we are nearing the end of the posturing with a likely 1-3 month extension being proposed--maybe over the weekend? The market sent a clear signal today, and I think there's too many holes in the contingency plans to prioritize debts past the 17th.

I may pick up X tomorrow if I can get a decent price. Given AA's results in a lower aluminum price environment, X should do even better as I believe some steel prices rose in Q3 and X resolved their strike ahead of expectations (although that will matter more for outlook than Q3).

RALY's lockup expiration is tomorrow. I am interested to see the reaction.

Stocktrader

Stocks100 said...

Hi Stocktrader,

Politicians has to do something which will border on face saving & no real peogress in dealing with any issues...push it into future....same old game.

X chart looks very impressive.

Saleem

stocktrader_1996 said...

Hey Saleem,

Bought X @ 21.05.

Stocktrader

stocktrader_1996 said...

Hey Saleem,

I think we just hit the emotional bottom, so I'm tempted to make some switches for higher beta--something like FCX for CLDX at these levels.

I can sell TZA as soon as tomorrow and get more long exposure.

Stocktrader

Stocks100 said...

Hi Stocktrader,

YES...CAPITULATION was in the air.....sell sell sell mentality..sky is falling......which means a "final turn UP"

Saleem

Stocks100 said...

Hi Stocktrader,

Sold KOG @ $11.73

Added 70% MU @ $17.21

Saleem

stocktrader_1996 said...

Hey Saleem,

Good switch for an earnings play. MU has much more opportunity to beat than KOG this quarter.

Stocktrader

Stocks100 said...

Hi Stocktrader,

MU guidance should be better..based on fire @ competitor...

Saleem