Indices reversed course right after open and closed @ low of the day.
S&P 500 @ 1992.67, low 1991.47, high 2021.35
RSI @ 38.68
CMF @ 0.005
Internals were :
Down volume led by 2.43 to 1 in NYSE & 5.85 to 1 in Nasdaq
Declining stocks led by 1.83 to 1 in NYSE & 3.61 to 1 in Nasdaq
Net new highs were leading by 68 in NYSE & lows by 98 in Nasdaq
VIX UP 4.24% @ 22.39
Oil @ $46.25
Gold @ $1264.80..highest level since September 2014.
AH ER INTC Down 2.54%
AH Futures Down
AH Asian Markets Mixed
AH Oil UP
AH Gold Down
About market, TAPE is under severe selling pressure and is under process of testing 200 DMA in S&P 500 which sits @ 1965.82. The test may come as early as tomorrow and we will enter "extremely oversold level" which may bring either a V bottom or oversold bounce. The only positive way to look @ further selling on Friday, which is monthly Option Expiry, that we are closer to bottom than before. Sometimes, a little patience near bottom is all that is required to benefit from an "imminent upturn".....
BLOG does NOT give buy or sell.
Saleem
Hey Saleem,
ReplyDeleteSold PFPT @ 47.03 to reduce some exposure.
Stocktrader
Hey Saleem,
ReplyDeleteSold FB @ 74.45 to reduce exposure.
I bought both of these stocks on what I thought was a momentum play higher and analyst upgrades. This is not the environment for that kind of trading, so I had to unwind the longs for losses.
I am sticking with only conviction longs.
Stocktrader
Hi Stocktrader,
ReplyDeleteConviction has to be very high in high volatility TAPE.
Saleem
Hey Saleem,
ReplyDeleteMost of the individual stock charts I follow look horrible still--like there's another leg down coming. I hope a move just down to S&P 1970-1975 gives us the whoosh we need.
Stocktrader
Hi Stocktrader,
ReplyDeleteTAPE has been weak,bounce first then retest of support.
Saleem