Is TAPE in trouble ?

TAPE has been behaving in an erratic mode for a while, these days its 2 days down and 1 day UP.

IF you are not in high flying semiconductor stocks, you are not feeling good about this market.

There is more troubling aspect of this TAPE....

Dow is below 50 DMA

S&P 500 is barely above 50 DMA by 7 points

Nasdaq is comfortably above 50 DMA by almost 75 points

Nasdaq has the weakest CMF, positive by 4 tick only

IF S&P 500 go below 50 DMA, we may be in real trouble this time around.

Dow has made lower low already......

Jobs report on Friday may put further pressure on the downside, expectations are 208k jobs creation, IF we go above, it may not be a news easily digested by the market, interest rate fear will go into high gear.

Semis are in "froth land"

IF Semis tank, there is no support in this market.......

To say the least, things are not looking healthy.....

NO..its not the time to sell everything, but be cautious about your expectations.

We have a history of fast downward move of two days then recovery.......

Monitor your portfolio closely for weakness and take appropriate action.

Good luck with your own analysis and comfort level.

BLOG does NOT give buy or sell.

Saleem

Posted in: Mixed