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:
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
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
Hey Saleem,
Bought X @ 21.05.
Stocktrader
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
Hi Stocktrader,
YES...CAPITULATION was in the air.....sell sell sell mentality..sky is falling......which means a "final turn UP"
Saleem
Hi Stocktrader,
Sold KOG @ $11.73
Added 70% MU @ $17.21
Saleem
Hey Saleem,
Good switch for an earnings play. MU has much more opportunity to beat than KOG this quarter.
Stocktrader
Hi Stocktrader,
MU guidance should be better..based on fire @ competitor...
Saleem
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