Indices were faced with weak data from China & closed lower.
S&P 500 @ 1877.17, high 1877.87, low 1867.04
RSI @ 65.92
CMF @ 0.208
Internals were :
Down volume led by 1.71 to 1 in NYSE & .99 to 1 in Nasdaq
Declining stocks led by 1.31 to 1 in NYSE & 1.14 to 1 in Nasdaq
Net new 52 wk highs were leading by 64 in NYSE & 103 in Nasdaq
VIX UP .64% @ 14.20
Oil @ $101.12
Gold @ $1341.50
AH ER : URBN Down 2.69%, PWRD UP 4.32%
AH Futures UP
AH Asian Markets Mixed
AH Oil UP
AH Gold Down
About market, based on TAPE today it was obvious that VIX was not buying all the gloom from China, after 1 hour it reached its HOD @ 15.28 & then it went down in a straight line to close @ low of the day. Indices closed @ high of the day. It is generally believed that Chinese economy hit its bottom in Feb & all stat will reflect that, China has a target of 7.5% GDP growth for 2014. TAPE reflects future & it was evident today that market is looking ahead in China & US. I am expecting a good day for "turnaround Tuesday"....
BLOG does NOT give buy or sell.
Saleem
2 comments:
Hey Saleem,
After yesterday's really nice rally from the lows on what has been sluggish Mondays of late and in the face of some tough headlines over the weekend, I think the market is definitely moving higher. Staying diversified and long is the key in this grinding bull as it climbs the wall of worry.
Stocktrader
Hi Stocktrader,
Market is looking ahead & it sees growth all over the world....
YES..diversification is better than one sector approach....
We should be in good shape by close $$$$
Saleem
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