Indices closed near low of the day.
S&P 500 @ 1831.98, low 1827.74
RSI @ 60.88
CMF @ 0.094
Internals were :
Down volume led by 2.62 to 1 in NYSE & 1.75 to 1 in Nasdaq
Declining stocks led by 2.03 to 1 in NYSE & 1.79 to 1 in Nasdaq
Net new 52 wk highs were leading by 49 in NYSE & 77 in Nasdaq
VIX UP 3.72% @ 14.23
Oil @ $95.44
Gold @ $1225.20
AH Futures Down
AH Asian Markets Down
AH Oil Down
AH Gold UP
About market, TAPE was negative due to poor economic data from China & overbought conditions. Internals were weak. First 5 days of trading in January is very critical, we have 1 down day out of 5. It is important to see how we close on Friday, weak close may not be a good omen for Monday trading. Pullback @ this stage may not be a bad idea, it will give market another chance to build base & move forward.
PS....Next post by 8 PM on Friday which is my BLOG time every Friday.
BLOG does NOT give buy or sell.
Saleem
10 comments:
Hi Stocktrader,
Bought KOG @ $10.60....
Saleem
Hey Saleem,
Good move as risk/reward looks favorable here. I'm mostly out of buying power else I might do the same!
I'm also looking at MU @ 21.20 here. I bought for my trading account but not sure it I'll be able to work it in the larger portfolio. There was the one negative analyst note today that's getting the attention, but two positive ones also. The chart has rested quite a bit now.
Stocktrader
Hi Stocktrader,
MU reports on Tuesday AH.....
They have more cost from their Elpida inventory which may put pressure in their EPS just like last Q....
I may buy after earning reaction.
Saleem
Hey Saleem,
Good info--thanks ! :)
Stocktrader
Hey Saleem,
I can't believe how nasty BTU turned in just 24 hours...
Stocktrader
Hi Stocktrader,
Is it because of Joy Global downgrade?
Saleem
Hey Saleem,
I'm assuming that was part of it, but I thought generally coal would do better with nat gas rising. It is going to be amazingly cold here early next week. My wife just called and said the Governor cancelled all public school classes due to safety concerns (not sure if it includes the universities or not).
Stocktrader
Hi Stocktrader,
It is bitterly cold in Toronto area...we are making new all time lows in temp...-37C is norm with wind chill......
BUT nat gas is up 3 cents......
Saleem
Hey Saleem,
The market still seems tired after our big run to end last year. Even though fundamentals are unchanged, it wouldn't surprise me to see weakness turn into more weakness in coming days. A lot of heavy positions need to get pared back some.
Stocktrader
Hi Stocktrader,
It is healthy to pullback after huge run....but some stocks are defying this sloppiness.
Saleem
Post a Comment