Indices closed mixed after opening higher, Dow gained 14.32 points @ close.
S&P 500 @ 1791.53, low 1788.00
RSI @ 64.68
CMF @ 0.313
Internals were :
Down volume led by 1.91 to 1 in NYSE & 3.05 to 1 in Nasdaq
Declining stocks led by 1.57 to 1 in NYSE & 1.74 to 1 in Nasdaq
Net new 52 wk highs were leading by 255 in NYSE & 164 in Nasdaq
VIX UP 7.47% @ 13.10
Oil @ $93.03
Gold @ $1272.30
Stocks which closed green included TSL
MS BIDU GMCR LEN MA YNDX
JKS C MCD CCJ WUBA WYNN
GS AGU.....
AH ER :
BRCD UP 5.25%, CRM Down .92%
AH Futures UP
AH Asian Markets Down
AH Oil Down
AH Gold UP
About market, we saw weakening of TAPE right after opening higher, any reversal needs to be taken seriously as it is a major technical indicator of health of this TAPE. We need to monitor close for further clue as to the strength or lack of. Icahn is worried about TAPE also for totally different reason which actually has propelled this market to the highest point in history, his rationale is not based on sound logic. Look for trading opportunities for a quick profit until TAPE is healthier.
BLOG does NOT give buy or sell.
Saleem
9 comments:
Hey Saleem,
Many of the reversals today were vicious. It will be interesting to see how it plays out tomorrow and Wednesday. One could easily make a case for both outcomes--more downside or quick rebound.
Stocktrader
Hi Stocktrader,
YES..next two days of close will give us a clear indication of where we are in this market.
Saleem
Hey Saleem,
Sold CMI @ 130.431 due to a failure at the 50 DMA and a bad chart setup because of that.
This frees up some money for speculative buys if we sell off hard into close.
Stocktrader
Hi Stocktrader,
S&P 500 made a lower low already...not looking good for close.
Saleem
Hey Saleem,
Sold CLDX @ 24.352 due to market vulnerability and a slipping chart.
Stocktrader
Hi Stocktrader,
Good moves in cleaning up your weak stocks....
Saleem
Hey Saleem,
I am very tempted to sell RL, but it's barely holding that 200 DMA still.
Stocktrader
Hey Saleem,
And...I would have probably sold TXTR and RALY yesterday even, but I'm stuck until tomorrow. By then, I'll probably just keep holding.
Stocktrader
Hi Stocktrader,
RL is above 50 & 200...which is promising still....
Saleem
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