Indices closed down .79% to 1.55%.....

Indices were in selling mode till close.

S&P 500 @ 2089.46, low 2088.46, high 2115.24

RSI @ 47.77

CMF @ 0.091

Internals were :

Down volume led by 3.94 to 1 in NYSE & 5.73 to 1 in Nasdaq

Declining stocks led by 4.02 to 1 in NYSE & 3.23 to 1 in Nasdaq

Net new 52 wk lows were leading by 14 in NYSE & 33 in Nasdaq

VIX UP 11.36% @ 14.31

Oil @ $60.40

Gold @ $1193.30

AH ER ..AGU Down 2.23%, GRPN Down 3.36%
               ZU Down 17.51%, EA UP 3.62%

AH Futures UP

AH Asian Markets Mixed

AH Oil & Gold UP

About market, TAPE was weak and closed @ low of the day, trigger was fear of slowing economy, all indices are below 50 DMA. This fear of slowdown is totally unwarranted as Fed acknowledged winter slowdown but expect a pick up in economic activity.I see current TAPE as "pattern of trading" since end of 2014, two days UP and 1 day down, this provides strategic buying on down days as next days are generally higher. S&P 500 showed relative strength and can go above 50 DMA @ open. I see no real issue with today's selling.

BLOG does NOT give buy or sell.

Saleem

Posted in: Mixed