Indices closed sharply lower on high volume.
S&P 500 @ 1747.15, low 1746.20, high 1774.54 all time high 1775.22
RSI @ 54.06
CMF @ 0.312
Internals were :
Down volume led by 5.95 to 1 in NYSE & 4.90 to 1 in Nasdaq
Declining stocks led by 3.55 to 1 in NYSE & 3.49 to 1 in Nasdaq
Net new 52 wk highs were leading by 73 in NYSE & 14 in Nasdaq
VIX UP 9.79% @ 13.91
Oil @ $94.20
Gold @ $1308.50
AH ER :
PCLN Down 1.06%, DIS Down 1.73%, GRPN UP 1.47%
AH Futures UP
AH Asian Markets Down
AH Oil & Gold UP
About market, IBD has changed market outlook tonight to " market uptrend under pressure".Chinese exports rose more than expected in October. TAPE had a decisive reversal & closed near low of the day. This is a major change & many traders were facing their first reversal which has shaken confidence. Many positive news was ignored by the TAPE which is a technical signal that good news do not matter. We may get green open but it is how we close that matters now. Jobs report expectations are 120K which may be a miss again. Try to take advantage of green open to unload & use weakness to buy. As to the support 50 DMA is first support, looks like Nasdaq may breach it first.
BLOG does NOT give buy or sell.
Saleem
4 comments:
Hey Saleem,
Even Gordon Johnson, the solar perma-bear, said on Fast Money last night that Chinese solars were a buy on a dip due to the government support they are receiving.
I made a mistake in YELP and now the downside is probably another 10% and I can't sell until Monday without penalizing the whole portfolio's trading ability (same with FB but I'm not quite as concerned with that one).
(I actually tried to post this an hour ago but it failed and I didn't realize until now. Wow on those jobs numbers!)
Stocktrader
Hi Stocktrader,
YELP looks like stable now...
FB is green after finding support.
Solar is improving big time....
204K...is a bogus number which may see a big revision next month.
Saleem
Hey Saleem,
204K seems "bogus" only in that it still counted the furloughed government workers, but that fact probably makes it a "cleaner" read on the underlying economy.
If Oct was 204K, I can only imagine what Nov might be...250-300K?
Stocktrader
Hi Stocktrader,
IF we get 250K......then taper starts ...which may cause disruption in markets......
Saleem
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