19:40
Unknown
Indices fought back & erased most of the losses by close.
S&P 500 @ 1964.68, low 1952.86, high 1969.84
RSI @ 56.69
CMF @ 0.340
Internals were :
Down volume led by 2.63 to 1 in NYSE & 2.63 to 1 in Nasdaq (not a typo)
Declining stocks led by 2.26 to 1 in NYSE & 3.03 to 1 in Nasdaq
Net new 52 wk highs were leading by 49 in NYSE & lows by 29 in Nasdaq
VIX UP 8.07% @ 12.59
Oil @ $102.93
Gold @ $1339.20
AH Futures UP
AH Asian Markets Mixed
AH Oil Down
AH Gold UP
About market, Today TAPE gave another chance to buy the dip or hold all your position but unfortunately many panic in these situation & sell on fear. It is safe to say that there were more than few issues troubling the market like Fed governor contradicting Fed minutes, Chinese weakness, European weakness plus side show of Portugese bank. In the last 4 trading days of pullback Dow lost 1.58%, S&P 500 lost 1.65% & Nasdaq got pummeled with 3.00% loss. My guess for this pullback was 3% which has been achieved by Nasdaq, not all indices have to go down the same %. We are all set to recover from 4 day of selling & should see a strong close on Friday. For many BLOG visitors who are new, please note that there is only a closing BLOG on Friday around 730 PM, but i am around for any comment or my take.
BLOG does NOT give buy or sell.
Saleem
S&P 500 @ 1964.68, low 1952.86, high 1969.84
RSI @ 56.69
CMF @ 0.340
Internals were :
Down volume led by 2.63 to 1 in NYSE & 2.63 to 1 in Nasdaq (not a typo)
Declining stocks led by 2.26 to 1 in NYSE & 3.03 to 1 in Nasdaq
Net new 52 wk highs were leading by 49 in NYSE & lows by 29 in Nasdaq
VIX UP 8.07% @ 12.59
Oil @ $102.93
Gold @ $1339.20
AH Futures UP
AH Asian Markets Mixed
AH Oil Down
AH Gold UP
About market, Today TAPE gave another chance to buy the dip or hold all your position but unfortunately many panic in these situation & sell on fear. It is safe to say that there were more than few issues troubling the market like Fed governor contradicting Fed minutes, Chinese weakness, European weakness plus side show of Portugese bank. In the last 4 trading days of pullback Dow lost 1.58%, S&P 500 lost 1.65% & Nasdaq got pummeled with 3.00% loss. My guess for this pullback was 3% which has been achieved by Nasdaq, not all indices have to go down the same %. We are all set to recover from 4 day of selling & should see a strong close on Friday. For many BLOG visitors who are new, please note that there is only a closing BLOG on Friday around 730 PM, but i am around for any comment or my take.
BLOG does NOT give buy or sell.
Saleem
Posted in: Mixed
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