Indices closed down.
S&P 500 @ 1881.77, low 1879.21, high 1929.18
RSI @ 34.03
CMF @ -0.124
Internals were :
Down volume led by 21.48 to 1 in NYSE & 12.39 to 1 Nasdaq
Declining stocks led by 8.87 to 1 in NYSE & 5.18 to 1 in Nasdaq
Net new 52 wk lows were leading by 482 in NYSE & 328 in Nasdaq
VIX UP 16.98% @ 27.63
Oil @ $44.43
Gold @ $1131.70
AH Futures Mixed
AH Asian markets Down
AH Oil & Gold UP
About market, today TAPE was under intense selling pressure and closed near low of the day. Nasdaq joined other index in "death cross" formation. Tonight IBD is changing its market outlook to "market in correction. Carter Worth is predicting 1730 in S&P 500. So far we have corrected from highest point in history back in May 2015 to lowest point today by 255.51 points or 11.97%, quite steep in 4.5 months. I still do not see any buying interest as major players are in a wait & see mode. I switched from low quality to better quality stock, which is all one can do in uncertain times.
BLOG does NOT give buy or sell.
Saleem
3 comments:
Hi Saleem,
Used my last cash to buy DHI @ 28.70
With interest rates and inventory low, homebuilding still seems to be in a good spot.
Stocktrader
Hi Saleem,
Current portfolio: TGT FDX MS CYBR URI BABA AMBA MOS LNKD DHI SPLK XON LBIO
I think I have a good mix of industries and potential appreciation.
Stocktrader
Hi Stocktrader,
Good luck with DHI..should do well.
YES>...you have good mix in your portfolio.
Saleem
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