Indices fought back & erased most of the losses by close.
S&P 500 @ 1964.68, low 1952.86, high 1969.84
RSI @ 56.69
CMF @ 0.340
Internals were :
Down volume led by 2.63 to 1 in NYSE & 2.63 to 1 in Nasdaq (not a typo)
Declining stocks led by 2.26 to 1 in NYSE & 3.03 to 1 in Nasdaq
Net new 52 wk highs were leading by 49 in NYSE & lows by 29 in Nasdaq
VIX UP 8.07% @ 12.59
Oil @ $102.93
Gold @ $1339.20
AH Futures UP
AH Asian Markets Mixed
AH Oil Down
AH Gold UP
About market, Today TAPE gave another chance to buy the dip or hold all your position but unfortunately many panic in these situation & sell on fear. It is safe to say that there were more than few issues troubling the market like Fed governor contradicting Fed minutes, Chinese weakness, European weakness plus side show of Portugese bank. In the last 4 trading days of pullback Dow lost 1.58%, S&P 500 lost 1.65% & Nasdaq got pummeled with 3.00% loss. My guess for this pullback was 3% which has been achieved by Nasdaq, not all indices have to go down the same %. We are all set to recover from 4 day of selling & should see a strong close on Friday. For many BLOG visitors who are new, please note that there is only a closing BLOG on Friday around 730 PM, but i am around for any comment or my take.
BLOG does NOT give buy or sell.
Saleem
4 comments:
Hey Saleem,
Added my small amount of remaining cash to PFPT @ 33.793.
There's been two analysts in three days talking about the good quarter, and they had some of the best momentum out of Q1. I like their positioning for both continued growth, as well as the takeover potential.
Stocktrader
Hi Stocktrader,
Good luck with PFPT....your research should pan out.
Saleem
Hey Saleem,
With oil and treasuries continuing to fall, I'm starting to worry that people will start to worry. Also, the $BDI is dripping slowly lower even though it is at very low levels already. Do we have some kind of global growth crisis right now?
Stocktrader
Hi Stocktrader,
Most world economies including Canada is struggling to grow...USA is the only exception which should grow @ least 3 percent...
We all know China, Japan, Europe, India are struggling with growing their GDP...
Saleem
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