Indices closed mixed....

Selling continued but we found major support and turned UP to close mixed.


S&P 500 @ 1946.17, high 1952.32, low 1926.03


RSI @ 36.82


CMF @ 0.049


Internals were :


UP volume led by 1.26 to 1 in NYSE & 1.22 to 1 in Nasdaq


Advancing stocks led by 1.16 to 1 in NYSE & 1.82 to 1 in Nasdaq


Net new 52 wk lows were leading by 241 in NYSE & 138 in Nasdaq


VIX Down 3.29% @ 16.16


Oil @ $91.01


Gold @ $1215.10


AH Futures UP


AH Asian Markets Mixed


AH Oil UP


AH Gold Down


About market, TAPE displayed a classic text book reversal with a V bottom. S&P 500 had lost 93.23 points or 4.62% in last 10 trading days of intense selling.There were many reason given for this pullback, but Freddie & Fannie may have intensified selling by Hedge Funds to cover their huge losses there. It is all about Jobs report, expectations are for Job growth of 225 K, i believe we may come above 200 K but not exceeding 225 K, expecting major revision upwards to last month numbers. TAPE has started healing process in a big way today, look for higher prices by Friday's close.


BLOG does NOT give buy or sell.


Saleem

Posted in: Mixed