Indices closed down 3.12% to 3.52%......

Indices were in a freefall and closed @ absolute low of the day. Chinese slowdown and US interest rate hike causing panic all around. Many records were set today @ close, here are few important ones :

Oil faced largest straight line slump in last 30 years

Stock faced the worst weekly slump since 2011

VIX was UP the most in a week ever

These are tell tale of a deeply oversold market with majority giving up on stocks this week....

S&P 500 @ 1970.89, low 1970.89, high 2034.08

S& P 500 RSI @ 24.84

Nasdaq RSI @ 24.50

DOW RSI @ 22.20

CMF @ -0.024

Internals were :

Down volume led by 17.33 to 1 in NYSE & 6.40 to 1 in Nasdaq

Declining stocks led by 6.03 to 1 in NYSE & 2.09 to 1 in Nasdaq

Net new 52 wk lows were leading by 610 in NYSE & 305 in Nasdaq

VIX UP 46.45% @ 28.03

Oil @ 40.45

Gold @ $1159.60

Canadian $ @ 68.25

Here is my weighting :

LULU 31.82%

FB       31.57%

RAD    12.52%

GPRO  12.43%

VDSI    11.66%

Exposure 272%

We are deeply oversold and are due for an "oversold bounce".....I have no intention of selling anything in my portfolio......

PS....I am on vacation for a week starting this Sunday, hopefully stocktrader will update this page in comment section on a daily basis after close or any thoughts during the day, This vacation was planned long time ago. I will be back with Sunday BLOG on 30th of August @ 2 PM.

BLOG does NOT give buy or sell.

Saleem

Posted in: Mixed