Indices closed UP.
S&P 500 2695.14, high 2701.04, low 2593.07
RSI @ 39.09
CMF @ 0.110
Internals were :
UP volume led by 4.05 to 1 in NYSE & 3.49 to 1 in Nasdaq
Advancing stocks led by 2.51 to 1 in NYSE & 1.85 to 1 in Nasdaq
Net new 52 wk lows were leading by 473 in NYSE & 204 in Nasdaq
Oil @ $63.39
Gold @ $1329.50
Stocks which were UP 2% or more included CTRP
SHOP NVDA LRCX ROKU TRIL AAPL NFLX
GE FB OLED MU VRX BAC TECK GOOG
AMZN FCX LVS WYNN V MA LEN QRVO
MSFT FFIV X ALDR FNSR RIG FEYE
BABA CIEN GS TRIP MGA ORCL MS
OSTK ULTA SWKS KORS TNA KBH
M.....
AH news...SNAP UP 21.41%, AKAM 8.36%
MCHP Down 5.08%
AH Futures Down
AH Asian Markets UP
AH Oil & Gold UP
About market, TAPE opening was extremely volatile, Dow had a swing of 1100 points from low to high of the day and closed UP 567 points. Overbought conditions and rising bond yield caused this extremely sharp pullback, how sharp you ask, Dow tumbled 2821.26 points or 10.61% pullback in exact 7 trading days, majority of those losses in last 3 trading days. Everybody had to deal with this VIX driven sharp selloff, my strategy going into selloff was to book all gains i had and shift into lower RSI, it worked OK except for LRCX which was high RSI when i picked and paid for it by suffering about 26 point loss and selling it. Other 2 sale was to keep stronger stocks instead of not so strong. Hopefully everyone learned that selling strategy is as important as buying strategy. Extreme Volatility may be over but sloppy TAPE may continue for a while.
BLOG does NOT give buy or sell.
Saleem
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