Indices closed down as TAPE adjusting to overbought condition.
S&P 500 @ 1988.44, low 1984.61, high 2001.01
RSI @ 53.52
CMF @ 0.276
Internals were :
Down volume led by 3.76 to 1 in NYSE & 4.45 to 1 in Nasdaq
Declining stocks led by 3.32 to 1 in NYSE & 3.11 to 1 in Nasdaq
Net new 52 wk highs were leading by 24 in NYSE & lows by 6
VIX UP 6.64% @ 13.50
Oil @ $92.75
Gold @ $1248.50
AH ER PANW UP 3.83%
AH Futures Down
AH Asian Markets Down
AH Oil & Gold UP
About market, TAPE went into selling mode and internals got very weak, we have more downside coming. This should not come as a surprise to our BLOG visitors as this selling was imminent based on very reliable indicators as discussed in Sunday BLOG. Ensure that you are not facing margin calls and stay on side. Have patience with this selling & stick to strong stocks.
BLOG does NOT give buy or sell.
Saleem
2 comments:
Hey Saleem,
Added back NXPI @ 70.00.
The payments part of the AAPL presentation was the most impressive part yesterday and I think eventually many more NFC chips will be needed in the world as devices need to talk to each other wirelessly and securely.
The small "sell the news" reaction yesterday provided a nice re-entry point.
Stocktrader
Hi Stocktrader,
Good luck with NXPI.
Saleem
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