Dow & S&P 500 closed @ absolute low of the day while Nasdaq managed to close slightly higher than lowest point.
S&P 500 @ 1930.67, high 1965.14, 50 DMA @ 1952.87
RSI @ 35.85
CMF @ 0.044
Internals were :
Down volume led by 8.70 to 1 in NYSE & 6.57 to 1 in Nasdaq
Declining stocks led by 10.24 to 1 in NYSE & 5.33 to 1 in Nasdaq
Net new 52 wk lows were leading by 76 in NYSE & 86 in Nasdaq
VIX UP 27.16% @ 16.95
Oil @ $98.17
Gold @ $1281.30
AH ER....SPWR Down 5.12%, GPRO Down 9.67%
EXPE UP 4.38%, SWIR UP 6.64%
LNKD UP 7.77%
AH Futures UP
AH Asian Markets Down
AH Oil Down
AH Gold UP
About market, TAPE faced many issues in international arena & US economic strength resulting in possibly early interest rate hike. Argentina spooked this market the-most on "contagion fear". BUT there is some good news on international front, there is 72 hour truce in GAZA. Selling was pretty aggressive & internals got decimated & VIX shot up 27% ...but it is a sign of capitulation which resulted in technical damage to DOW & S&P 500, i am seeing Nasdaq which held up above 50 DMA to take us out of this funk. I do not think that Jobs report will dictate the direction of this market, it is the deeply oversold condition which will bring sanity on Friday.
BLOG does NOT give buy or sell.
Saleem
8 comments:
Hey Saleem,
Sold RALY @ 9.962.
It was a play on activism, but I think the market is not willing to support these "challenged" stocks right now.
I'm am struggling with wanting to sell more of my portfolio versus the highly short-term oversold conditions.
Stocktrader
Hi Stocktrader,
Until October TAPE will remain sloppy.
Comfort level needs to be very high with portfolio....
Money can be made with swing trading.
Saleem
Hey Saleem,
Trimmed NXPI @ 62.25.
It is too cyclical to have it be my highest weighted stock despite the great quarter. The chart looks vulnerable.
Stocktrader
Hi Stocktrader,
Good idea to trim.
Average exposure is idea in high comfort stocks.
Saleem
Hey Saleem,
I am tempted by SPLK here. Given DATA's great quarter and fall though, I wonder if SPLK after earnings would be better...
Stocktrader
Hi Stocktrader,
I am not familiar with SPLK business model..
Saleem
hi saleem, of all the geopolitcal concerns facing the market i feel the russian sanctions are creating the greatest worry and until these concerns abate the market remains limited to the upside thanks charlie
Hi Charlie,
YES..i agree 100% that Russian sanctions which is being "repeatedly
announced with so much fanfare" is going to bite Europeans big time.
Russian's can choke European economy quite easily......then only politicians will come to their senses.....
Saleem
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