Chinese PMI created fear resulting in sharp selling then buying near close.
S&P 500 @ 1828.46, low 1820.06
RSI @ 50.32
CMF @ 0.172
Internals were :
Down volume led by 3.07 to 1 in NYSE & 2.40 to 1 in Nasdaq
Declining stocks led by 2.03 to 1 in NYSE & 2.18 to 1 in Nasdaq
Net new 52 wk highs were leading by 48 in NYSE & 78 in Nasdaq
VIX UP 7.24% @ 13.77
Oil @ $97.32
Gold @ $1262.30
AH ER : AMCC Down 2.2%, SBUX UP 1.10%, ALTR UP 3.22%
MSFT UP 3.51%, JNPR UP 3.61%, OTEX UP 5.39%
AH Futures UP
AH Asian Markets Mixed
AH Oil UP
AH Gold Down
About market, ironically Chinese market was down the least yesterday & is UP tonight. There was panic until mid day then major recovery in Nasdaq. Nasdaq was down only .57% which is a testimony to US market strength. Accounting issues raised by SEC impacted Chinese internet stocks negatively. It appears that this was also a 1 day selling & then on to new highs.
BLOG does NOT give buy or sell.
Saleem
6 comments:
Hey Saleem,
This pullback makes a lot of good stocks look cheap. I am tempted by some bargains in Chinese internet and also commodities, although I've decided to stick with my current picks for now.
Stocktrader
Hi Stocktrader,
YES...many bargains BUT cannot do any switch.....
Saleem
Hey Saleem,
The action in KORS is incredible given the poor retail environment. I'm guessing it's been the beneficiary of buying due to pair trades where it is the long part. RL looks interesting here--I think they get a lot of online traffic from people who don't need to see their product in stores because they are very familiar with it.
Stocktrader
Hi Stocktrader,
LULU has turned UP also.....interesting TAPE in LNKD..
Saleem
Hey Saleem,
I talk about the moves in my wife's 401(k) sometimes. I had moved it to all cash on December 19th (previously was all small-cap index). Today I moved it all back in (getting the closing print) to a small cap growth index. I finally got a good chance to get back in :).
Stocktrader
Hi Stocktrader,
Good move with small cap purchase.
Saleem
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