Indices closed mixed....

Indices closed mixed.

S&P 500 @ 1881.33, high 1901.44, low 1864.60

RSI @ 31.52

CMF @ -0.102

Internals were :

Down volume led by 2.27 to 1 in NYSE & 1.51 to 1 in Nasdaq

Declining stocks led by 2.04 to 1 in NYSE & 1.91 to 1 in Nasdaq

Net new 52 wk lows were leading by 720 in NYSE & 464 in Nasdaq

VIX Down 3.59% @ 26.05

Oil @ $28.46

Gold @ $1089.10

AH ER...IBM Down 3.82%, AMD Down 6.15%
               NFLX UP 6.84%, CREE UP 7%

AH Futures Down

AH Asian Markets Mixed

AH Oil Down

AH Gold UP

About market, TAPE was erratic, first UP and then Down then slightly mixed, not a vote of confidence today. After weeks of selling i was expecting more spirited buying. Oil is the epi centre of this TAPE, unless oil turns UP, i do not see how we can go up in a sustained manner. There is lot of implications for low oil, like loan losses and worst case even bankruptcy for some companies. In the mean time stay with conviction as " deeply oversold conditions exists "

BLOG does NOT give buy or sell.

Saleem

Posted in: Mixed