Last 7 days of trading resulted in the following :
Nasdaq lost 285.03 points or lost 5.74%
Russell lost 45.50 points or lost 3.94%
S&P 500 lost 71.60 points or lost 3.39%
Dow lost 587.25 points or lost 3.23%
It is obvious that much feared Nasdaq performed the worst ....
Dow lost the least....
RSI are as follows :
Nasdaq @ 38.81
S&P 500 @ 47.40
Russell @ 47.96
Dow @ 49.90
Nasdaq RSI is in oversold territory
Dow is healthiest in RSI
This has been a difficult week for most traders when many stocks slumped on earnings or other news, while few went UP on good earnings.
It is getting tough again in this TAPE as earning catalyst is coming to an end.....
Jobs report was well below expectations which gave support to slumping TAPE.
It is hard to predict what will happen going forward, as we hit summer doldrums, when most hedge funds are on vacation.
Oil remains an important factor in direction of this market.
Oil stocks exposure may be a very good idea.
Good luck with your own analysis and comfort level with this market.
BLOG does NOT give buy or sell.
Saleem
3 comments:
Hi Saleem,
Sold GM @ 30.84
I wanted to raise some cash for opportunities and am looking at VRX again on this pullback.
Stocktrader
Hi Saleem,
Bought VRX @ 29.61
With the reiteration of guidance today, the timeline of future filings, and the new CEO, it feels like the downside potential is limited. That could set up for a nice positive trade.
Stocktrader
Hi Stocktrader,
Excellent move with VRX.
Saleem
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