Indices closed down 2.84% to 2.94%.....

Indices closed down.

S&P 500 @ 1913.86, low 1903.07, high 1970.09

RSI @ 34.13

CMF @ -0.088

Internals were :

Down volume led by 30.71 to 1 in NYSE & 13.06 to 1 in Nasdaq

Declining stocks led by 6.30 to 1 in NYSE & 3.81 to 1 in Nasdaq

Net new 52 wk lows were leading by 92 in NYSE & 45 in Nasdaq

VIX UP 10.45% @ 31.40

Oil @ $45.41

Gold @ $1139.80

AH ER... QIHU UP 2.89%, AMBA Down 9.17%
                MRVL Down 11.29%

AH Futures UP

AH Asian Markets Down

AH Oil & Gold Down

About market, TAPE was under another bout of selling and we tested support in all indices. S&P 500 successfully defended 1900 area as it held 1903.07 and closed well above. Internals had all the hallmark of capitulation, you do not see 30 to 1 downside volume, unless there is relentless selling. Bears were out in full force making wild prediction of how low we are going to go, Louise Yamada took the cake by predicting 1600 in S&P 500 in weeks. Based on what i can interpret, we are all set to go higher while the deck is clear.

BLOG does NOT give buy or sell.

Saleem

Posted in: Mixed