Indices closed down 1.56% to 3.03%......

Indices closed down.

S&P 500 @ 2690.73, low 2681.09, high 2733.16

RSI @ 41.00

CMF @ 0.092

Internals were :

Down volume led by 2.37 to 1 in NYSE & 3.25 to 1 in Nasdaq

Declining stocks led by 2.21 to 1 in NYSE & 2.95 to 1 in Nasdaq

Net new 52 wk lows were leading by 86 in NYSE & 83 in Nasdaq

VIX UP 10.80% @ 20.10

Oil @ $56.76

Gold @ $1225.30

AH news....URBN UP 4.75%, A UP 5.54%

                  NIU UP 9.24%

AH Futures Down

AH Asian Markets Down

AH Oil & Gold Down

About market, TAPE gave a clear signal today that all is not well on Wall & Broad St. IF I have to guess, that we may have seen peak in earnings, that means that there will be more contraction in PE.IF that is accurate then we have a bear market on hand, irrespective of any new development which may be taken as positive. Rallies in bear market are non existent, rallies are generally for maximum a day and then down days again. Rallies are also sold. There is no real way to play long in a bear market, only short or stay out.

BLOG does NOT give buy or sell.

Saleem

Posted in: Mixed