Indices closed down.
S&P 500 @ 2844.74, low 2822.12, high 2898.07
RSI @ 28.01
CMF @ 0.128
Internals were :
Down volume led by 10.63 to 1 in NYSE & 5.81 to 1 in Nasdaq
Declining stocks led by 6.39 to 1 in NYSE & 6.46 to 1 in Nasdaq
Net new 52 wk lows were leading by 147 in NYSE & 227 in Nasdaq
VIX UP 39.64% @ 24.59
Oil @ $54.69
Gold @ $1464.60
AH Futures Down
AH Asian Markets Down
AH Oil Down
AH Gold UP
About market, TAPE reacted negatively to US / China tit for tat strategy to deal with their trade dispute, now we have entered another round of name calling dubbing China currency manipulator, now it is China's turn to give a new label to USA. While all these are so called negotiating strategies for a trade deal BUT investors are caught in the middle as bait. We almost suffered 1000 point drop in DOW before recovering to down 767. Futures are sharply lower again to 362 lower in DOW. Let us hope someone needs to blink as playing tough is causing deep financial losses to worldwide investors now.
BLOG does NOT give buy or sell.
Saleem
5 comments:
Hi Saleem,
I've been on vacation in Colorado since mid-Thursday and will continue for the rest of the week. This correction is long overdue, but also comes as the investor sentiment was already neutral at best, so there should be plenty of buying power on the sidelines. I think it really does set us up for further gains as the Fed is forced to become more aggressive in support. There is likely to be no end to the trade disputes through the election unless Trump feels he needs a boost late next year, so we should expect these actions as "normal", Long duration assets like high growth stocks should perform well after this hiccup and sets the stage for a year-end rally. I have become more bullish in my strategy even if the market overall struggles with the headlines and fallout.
Stocktrader
Hi Stocktrader,
Nice to read your take on Wall & Broad comings and goings......
Enjoy your time in Colorado!
Saleem
Hi Saleem,
Sold FSLY @ 20.19 on this bounce
It was a short term play that failed on technicals but I got a decent bounce to make an exit here.
Stocktrader
Hi Saleem,
Bought small stakes in PSNL @ 14.79 and VYGR @ 19.67 on overdone weakness.
Stocktrader
Hi stocktrader,
Good luck with PSNL & VYGR...
Saleem
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