Indices closed down.
S&P 500 @ 2690.73, low 2681.09, high 2733.16
RSI @ 41.00
CMF @ 0.092
Internals were :
Down volume led by 2.37 to 1 in NYSE & 3.25 to 1 in Nasdaq
Declining stocks led by 2.21 to 1 in NYSE & 2.95 to 1 in Nasdaq
Net new 52 wk lows were leading by 86 in NYSE & 83 in Nasdaq
VIX UP 10.80% @ 20.10
Oil @ $56.76
Gold @ $1225.30
AH news....URBN UP 4.75%, A UP 5.54%
NIU UP 9.24%
AH Futures Down
AH Asian Markets Down
AH Oil & Gold Down
About market, TAPE gave a clear signal today that all is not well on Wall & Broad St. IF I have to guess, that we may have seen peak in earnings, that means that there will be more contraction in PE.IF that is accurate then we have a bear market on hand, irrespective of any new development which may be taken as positive. Rallies in bear market are non existent, rallies are generally for maximum a day and then down days again. Rallies are also sold. There is no real way to play long in a bear market, only short or stay out.
BLOG does NOT give buy or sell.
Saleem
4 comments:
Whaat a sell-off Saleem & Stocktrader. I haven’t seen such selling in my trading history. It seems there is no end to this. Good earnings are no longer positive for stocks.
Explorer
Hi Explorer,
Yes, and I don't understand why suddenly yesterday after such a tame end to last week. It really caught me by surprised.
Stocktrader
Hi Explorer,
Bear market pay no attention to good earnings...it is all about adjustment to PE on lower earnings in 2019....valuation adjustment...
Saleem
Hi Saleem,
Sold GTLS @ 61.87
This was a trade try that didn't work. I don't have large confidence into next year's earnings--it may be a story for the following year if the economic environment holds up decently.
Stocktrader
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