Indices closed @ low of the day due to currency weakness in Russia.
S&P 500 @ 1972.74, low 1972.56, high 2016.89
RSI @ 30.78
CMF @ -0.058
Internals were :
Down volume led by 1.30 to 1 in NYSE & 2.19 to 1 in Nasdaq
Declining stocks led by 1.39 to 1 in NYSE & 1.25 to 1 in Nasdaq
Net new 52 wk lows were leading by 399 in NYSE & 184 in Nasdaq
VIX UP 15.43% @ 23.57
Oil @ $55.93
Gold @ $1194.30
Stocks closing green included AKS BBRY EGO NXPI
SWIR BABA SU EBAY SPWR GMCR MCD X
CSOD MGA AGU....
AH ER DRI UP 2.29%
AH Futures UP
AH Asian Markets Mixed
AH Oil Down
AH Gold UP
About market, TAPE was very erratic went DOWN then way UP then way DOWN. All indices are below 50 DMA and made lower lows. Technically we are looking text book bad, BUT we are awfully close to big time support through RSI...RSI 30 has been a magnet to make a move UP. Many technicians look @ below 30 as absolute buying opportunity. Fed should realize the gravity and impact of weak Russian currency & for a change show some leadership to assist in dealing with worldwide weakness. I expect Fed statement & conference call to "stay the course & verbage to support markets"
BLOG does NOT give buy or sell.
Saleem
3 comments:
Hey Saleem,
I feel like everything is a buy based on oversold conditions, but I'm fearful that is a mixed bag when it comes to fundamentals--look at FDX. What to do?
Stocktrader
Hey Saleem,
Bought AAL @ 46.458.
It is around a support level and I want to be involved in good relative strength companies on dips. Nothing has been better than the airlines--it's not like oil is suddenly going to spike $10, right?
Stocktrader
Hi Stocktrader,
Stock market is a combination of due diligence and luck,Sometimes both work and sometimes nothing...welcome to wall and broad.
Good luck with AAL.
Saleem
Post a Comment