Indices were in freefall & closed near low of the day.
S&P 500 @ 1946.16, low 1941.72, high 1971.44
RSI @ 36.81
CMF -0.002
Internals were :
Down volume led by 5.34 to 1 in NYSE & 6.72 to 1 in Nasdaq
Declining stocks led by 3.02 to 1 in NYSE & 3.77 to 1 in Nasdaq
Net new 52 wk lows were leading by 236 in NYSE & 228 in Nasdaq
VIX UP 2.45% @ 16.71
Oil @ $90.73
Gold @ $1215.50
AH Futures UP
AH Asian Markets Down
AH Oil & Gold UP
About market, Worldwide economic weakness took a toll in US market, Germany contraction took everyone by surprise, as goes Germany, so goes Europe. All indices are well below 50 DMA. Tonight IBD is throwing the towel on this market by changing its market outlook to "market in correction". Today was brutal for internals, but it is too late to sell as RSI flashing 36.81 which is near "deeply oversold condition". I am staying the course.
BLOG does NOT give buy or sell.
Saleem
9 comments:
Dollar just weakened @ Kitco.
Gold @ 1220.70
Hi Firebird,
Gold has been crushed, it should move UP..US$ needs downward adjustment after huge run, that will be very bullish for Gold.
Saleem
Hey Saleem,
Sold SPLK @ 53.812.
I just think it's too early to own any stocks right now.
Stocktrader
Sold RAD @ 5.09
I'd bought a little more at 4.8. Not much profit.
Bought a little VLO @ 45.8. It's now lower though... I might wait to buy anything else.
CNQ is down for me. I'm holding that.
Hi Stocktrader
Comfort level needs to be very high in this correction.
Saleem
I'm not even sure why I bought VLO. An analyst upgraded it to push me over the edge. I should ignore analysts.
WTI spread should increase with time, and the Gulf is the best location atm, as I understand things anyway. I doubt the crack spread is very good atm, and their next reporting could be negative.
I might dump the stock if there's a small rally.,,
Hi Firebird,
Profit is a profit.
Analysts have many agenda, so be careful with their push and pull.
TAPE is difficult.
Saleem
That's the last time I buy refineries, at least until they're more clearly profitable. They're too complicated.
Anyway, good luck with your trades.
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