Indices closed near low of the day.
S&P 500 @ 1833.08, low 1830.87, high 1872.53
RSI @ 42.53
CMF @ -0.018
Internals were :
Down volume led by 8.47 to 1 in NYSE & 17.42 to 1 in Nasdaq
Declining stocks led by 3.56 to 1 in NYSE & 6.57 to 1 in Nasdaq
Net new 52 wk highs were leading by 33 in NYSE & lows were leading by 29 in Nasdaq
VIX UP 14.98% @ 15.89, high 16.38
Oil @ $103.40
Gold @ $1320.50
AH Futures UP
AH Asian Markets Down
AH Oil & Gold Down
About market, TAPE is in total disarray closing lower lows & on high volume. There is no denying this fact that TAPE has been poor since start of 2014 & market internals are extremely weak now. TAPE has been giving a clear message that to pay attention to fundamentals of each stock you own. No earnings means severe downward pressure. This is NOT a momentum environment @ all, it IS back to basic of PE. Lot of guesses going around as to how low we can go, Carter Worth thinks first stop is 1675 then on to 1520 in S&P 500, i can easily see that we can go to 200 DMA which is another 3.98% in S&P 500 & 2.98% in Nasdaq, i have a feeling that we may breach 200 DMA especially in Nasdaq.
Chinese CPI came in @ +2.4% vs expectations of +2.5%......wholesale inflation falling @ -2.3% vs expectations of falling -2% for March 2014 all stat year over year.
BLOG does NOT give buy or sell.
Saleem
8 comments:
Hey Saleem,
Sold:
SPLK @ 59.402
NOW @ 50.761
SGMO @ 14.82
DATA @ 65.142
Stocktrader
Hi Stocktrader,
I was out, just got back.
Good move !!!!
Saleem
Hey Saleem,
I'm not quite sure what to do with AAL. It is extremely cheap, but overowned. That makes it vulnerable still, but how can I sell? A dilemma I'm facing...
Stocktrader
Hi Stocktrader,
When stocks are under pressure then it is tough to use logic.
Airlines are also taking turn in this selling...thus lows are in place.
Saleem
Hey Saleem,
Closed out some of my TZA hedge @ 18.13.
Stocktrader
Hi Stocktrader,
Excellent trade.....
Saleem
Hey Saleem,
I had bought a huge amount, nearly 40% of the portfolio. I closed out a third of that to correspond to the closing of those beta positions earlier. Realistically I'm trying to get to near neutral while keeping some of my stocks, but that's always tricky business.
Stocktrader
Hi Stocktrader,
Good strategy of being neutral in this environment....
Good luck with your strategy.
Saleem
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