Indices tumbled again to close @ low of the day.
S&P 500 @ 1874.74, low 1874.74, high 1912.09
RSI @ 30.45
CMF @ -0.202...lowest level in five months
Internals were :
Down volume led by 3.07 to 1 in NYSE & 7.69 to 1 in Nasdaq
Declining stocks led by 2.15 to 1 in NYSE & 1.31 to 1 in Nasdaq
Net new 52 wk lows were leading by 409 in NYSE & 286 in Nasdaq
VIX UP 16.01% @ 24.64...new 52 wk high
Oil @ $85.74
Gold @ $1231.00...highest level in 4 weeks....
Stocks which closed green included EGO
GG FB WUBA COH FFIV WB FEYE
INVN YNDX AMCC LSCC AEM
WLT....
AH Futures UP
AH Asian Markets Mixed
AH Oil Down
AH Gold UP
About market, TAPE is collapsing in a hurry and is well below 200 DMA in all indices. We are deeply oversold and may have an oversold bounce on Tuesday, but we may be back to downward pressure by close on Wednesday. Use rally to reduce your exposure or to lock gains. Buying on Down days and selling on UP days may be the best strategy for near term.
BLOG does NOT give buy or sell.
Saleem
4 comments:
Hey Saleem,
The most important news today is that WHO said in the last half hour that the hardest hit areas of Ebola in Africa are starting to see a deceleration in cases.
The SWKS news is just reaffirming something we already knew (albeit forgot in the last week)--many tech companies are perfectly positioned for the next waves of innovation.
Stocktrader
Hi Stocktrader,
Staying with strong companies has its benefit even in a weak TAPE.
Saleem
Hey Saleem,
Had a small amount of cash related to the ACHN sale from Friday. Added to SPLK @ 51.18 with those proceeds.
Stocktrader
Hi Stocktrader,
Good luck with added SPLK .
Saleem
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