Indices went into a freefall & closed near low of the day.
S&P 500 @ 1782.22, low 1780.09
RSI @ 48.80
CMF @ 0.052
Internals were :
Down volume led by 6.67 to 1 in NYSE & 4.59 to 1 in Nasdaq
Declining stocks led by 4.13 to 1 in NYSE & 3.39 to 1 in Nasdaq
Net new 52 wk lows were leading by 116 in NYSE & highs by 10 in Nasdaq
VIX UP 10.86% @ 15.42%
Oil @ $97.44
Gold @ $1257.20
AH Futures Down
AH Asian Markets Down
AH Oil & Gold Down
About market, IBD tonight has changed its market outlook to "market uptrend under pressure". TAPE was extremely weak & internals were weakest in a long time, this does not bode well for health of this TAPE.I expect continued selling on Thursday.This could be serious in terms of correction, S&P 500 had the lowest close since November 20th, 2013. Unless we get clarity on taper from Fed this TAPE may remain under pressure.
BLOG does NOT give buy or sell.
Saleem
6 comments:
Hey Saleem,
Bought MHK @ 140.60. I'll elaborate in a later post.
Stocktrader
Hey Saleem,
The only thing I'm worried about with KOG is poor weather in North Dakota affecting operations. I have no evidence either way on this, and realistically it should only be a short-term event anyways.
Stocktrader
Hey Saleem,
Decided to buy some KOG @ 10.58 and TRLA @ 26.95. I was debating FCX instead of KOG because I think there's good catalysts for upside and nice valuation there, but I didn't have enough money to allocate like I would have wanted so needed something more speculative.
As for TRLA, you know I've been watching a while and decided to step in here. The position size is my smallest, but the bounce could be huge from here as well as persistent takeover rumors.
Stocktrader
Hi Stocktrader,
Good luck with MHK,KOG & TRLA.
Saleem
Hey Saleem,
You're going to laugh at this one: bought GRPN @ 10.40. I only had a *very* small position size available, and thought maybe I could get a 5-10% rise on this quickly.
Stocktrader
Hi Stocktrader,
As long as you make money nobody will laugh at you. Good luck with GRPN.
Saleem
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