Selling continued but we found major support and turned UP to close mixed.
S&P 500 @ 1946.17, high 1952.32, low 1926.03
RSI @ 36.82
CMF @ 0.049
Internals were :
UP volume led by 1.26 to 1 in NYSE & 1.22 to 1 in Nasdaq
Advancing stocks led by 1.16 to 1 in NYSE & 1.82 to 1 in Nasdaq
Net new 52 wk lows were leading by 241 in NYSE & 138 in Nasdaq
VIX Down 3.29% @ 16.16
Oil @ $91.01
Gold @ $1215.10
AH Futures UP
AH Asian Markets Mixed
AH Oil UP
AH Gold Down
About market, TAPE displayed a classic text book reversal with a V bottom. S&P 500 had lost 93.23 points or 4.62% in last 10 trading days of intense selling.There were many reason given for this pullback, but Freddie & Fannie may have intensified selling by Hedge Funds to cover their huge losses there. It is all about Jobs report, expectations are for Job growth of 225 K, i believe we may come above 200 K but not exceeding 225 K, expecting major revision upwards to last month numbers. TAPE has started healing process in a big way today, look for higher prices by Friday's close.
BLOG does NOT give buy or sell.
Saleem
12 comments:
Hey Saleem,
For the bull to be back and confirmed, we need to see these pre-market gains stick. A triple digit gain would send a strong signal.
Stocktrader
Hi Stocktrader,
So far so good..
Saleem
Dollar is up another 1% today.
I assume the Fed could raise rates after November, after the elections. Strong employment is the number they look for.
I'm too new to stocks to make predictions, but I've benefited greatly reading the two of you. Best of luck!
It's so stupid though. I didn't even realise WAG reports today, which turned out positive of course after the RAD report. (Monday's was negative and different).
If I were more experienced, I would have gambled on the jobs report and bought yesterday. Oh well.
I probably won't comment much in the future here. I fear I'll mislead you. The mistakes I make aren't emotional or figuring the market wrong. The mistakes I make are from being new.
Hi Firebird,
The only suggestion I will make is become an investor not trader, invest in strong name and do not speculate. There is no short cut to making money..it is a long haul with disciplined approach.
$ cost averaging works..be DIVERSIFIED.
Good luck!
Saleem
Thanks for the advice.
I need a calendar of expected reports, and I need a written plan and better sources of information, though I'm getting better with that.
Buying VLO was an unusual mistake, though I agree with the analyst long-term.
Your advice is excellent.
Cost averaging and diversification are good.
Hey Saleem,
My short list has done so well since yesterday's bottom (SPLK PFPT BWLD). It is pretty disappointing I didn't have more conviction.
Stocktrader
Hi Stocktrader
Done is done, regroup and move forward..its never too late to make the right move.
Saleem
Hey Saleem,
Agreed--I am not panicking in any way. The unhealth of the market remains given the huge volatility. I am hoping we get at least a 50% retracement as we smack against the S&P's declining 50 DMA very soon.
Stocktrader
Hey Saleem,
As long as there's no ebola outbreak over the weekend, I'll likely be buying BWLD on Monday. I think this chart is just starting to show a turn that could take it much higher.
Stocktrader
Hi Stocktrader,
Good luck with your Strategy for BWLD, gas prices are coming down very fast.
Saleem
Post a Comment