Indices were under selling pressure but close well off their lows.
S&P 500 @ 2011.27, low 1988.44, high 2018.40
RSI @ 42.33
CMF @ -0.001
Internals were :
Down volume led by 1.97 to 1 in NYSE & 2.07 to 1 in Nasdaq
Declining stocks led by 1.52 to 1 in NYSE & 1.81 to 1 in Nasdaq
Net new 52 wk lows were leading by 87 in NYSE & 89 in Nasdaq
VIX UP 4.47% @ 21.48
Oil @ $48.48
Gold @ $1234.50
AH Futures UP
AH Asian Markets Mixed
AH Oil & Gold Down
About market, TAPE has been on a downward trajectory since start of 2015, today we got oversold and firmed UP by close. This has become a trading or daytrading market. No thesis holds for more than few hours and then selling starts all over. This TAPE is extremely difficult to understand or trade, its too volatile as oil slump has thrown everything in troubling state. IF you remain diversified in high comfort strong stocks, then you may be ahead IF you exercise patience and conviction. Retail Sales slump cannot be ignored as consumers are not sure about the economy they are living in.
BLOG does NOT give buy or sell.
Saleem
6 comments:
Hi Stocktrader,
Added 70 percent AKS @$3.92.
Saleem
Hey Saleem,
I bought some for my trading account just now too. I'm considering it for the retirement portfolio.
Stocktrader
Hi Stocktrader,
AKS is scraping the bottom, cannot stay here too long.
Saleem
Hey Saleem,
It feels like the market is going to break apart. I am really nervous and not even sure gold can help...
Stocktrader
Hi Stocktrader,
Market is in total disarray.
Saleem
Hey Saleem,
I'm suddenly feeling better about things. Maybe we just needed another good whoosh to scare out weak hands. Could we get one of those massive rallies into close?--definitely short-term oversold now...
Stocktrader
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