Indices closed mixed.....

Indices closed near high of the day.


S&P 500 @ 1841.07, low 1838.77, high 1842.47


RSI @ 69.08


CMF @ 0.076


Internals were :


Down volume led by 1.10 to 1 in NYSE & .93 to 1 in Nasdaq


Declining stocks led by 1.07 to 1 in NYSE & 1.09 to 1 in Nasdaq


Net new 52 wk highs were leading by 132 in NYSE & 120 in Nasdaq


VIX UP 8.83% @ 13.56


Oil @ $99.29


Gold @ $ 1203.80


AH Futures Mixed


AH Asian Markets UP


AH Oil UP


AH Gold Down


About market, TAPE was much weaker than headline numbers based on internals & VIX. VIX is very troubling as it may be pointing to upcoming weakness in indices. There is an eerie feeling about this market. Ralph Acompora is expecting a 10 to 15% decline in indices. I will not be surprised IF we take out the froth from this bull. Pullback should be taken as healthy. IF we pullback then it may be a long drawn out drip drip kind of pullback. It is recommended not to be over extended until we have seen @ least 5% pullback which is 92 points. We may be looking @ 1750 area.


BLOG does NOT give buy or sell.


Saleem

Posted in: Mixed