12:17
Unknown
Dow slumping 1089 points @ open on Monday
Nasdaq slumping 8.8% on Monday
Most stocks were down in 10% area on Monday
Oil went to $37.75..currently @ $45.33
VIX went to 53.29...currently @ 26.05
Gold jumped to $1133.30 from $1073.70
To top it all off Dow & S&P 500 have entered " death cross "
These are not "normal tape action"
Many traders & professionals were selling @ market....@ any price....in panic mode
This breakdown in market is result of Chinese downtrend in their economy, form 12% to 5% growth in a span of 7 years......world corporations are being impacted in their profitability......
BUT...last 3 trading days have seen a snapback and some recovery in all indices.....
Many pundits are " extremely nervous " about this TAPE and are predicting "retest " of previous lows...
None of the pundits were set up for this slump, now they "can see clearly now " what will happen next ?
SO...what next......
I think most of the Chinese slump has seen its impact by Monday TAPE.....
It is wise to buy "strong stocks "...they will fare much better in weak or strong TAPE.
Strategic buying or staying put has helped many portfolio including mine in this slump....
I added few stocks last week, TSL @ $8.73 on Thursday & FIT @ $33.80 on Friday.
Here is my weighting :
FB 30.14%
LULU 29.29%
RAD 11.73%
GPRO 11.17%
VDSI 10.48%
TSL 3.83%
FIT 3.36%
Exposure 283%
Appreciated stocktraders input and closing reports while i was away.
BLOG does NOT give buy or sell.
Saleem
Posted in: Mixed
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