Nasdaq and SOX got the worse beating........

Lot of press was given to Nasdaq tumble, but the real picture was not given, @ low of the day Nasdaq was down 3.22%.......

SOX was real story of Friday, down an incredible 7.07% @ low of the day.....

Some of us were predicting an imminent pullback of 5% soon.....but 7.07% in an afternoon was definitely not in the cards.

We all should give credit to mighty Goldman Sachs for single handedly creating a sudden carnage, first by issuing a FAMG warning and putting their billions to work "strategicallY", right @ top of the day, which ironically was a new all time high for all indices.....

I am sure GS is busy counting their loot for 2 hours worth of their work.......

The support for most stocks remains @ low of the day on Friday.......

Monday open will be met with aggressive margin call, which should be completed by 130 PM......to allow GS to cover their shorts or buy back their puts...

Who says, Wall Street is not manipulated by rumors, manipulation or legislated put buying by biggest trading house.......

BUT...that was Friday.......

Monday will be like another weak open and magic will work from there.

By "turnaround Tuesday" everyone will forget that Friday ever happened.....

Here is a look @ famous RSI for many stocks and some index :

Nasdaq           54.48

SOX               55.76

FB                  47.73

BIDU             41.72

GOOG           51.90

AMD             56.33

NFLX            46.66

QRVO            50.78

AAPL             41.95

TWTR            38.81

The above is a far cry from 80++ RSI of Friday morning.......for most stocks......

YES we are "deeply oversold ".......remember near 30 most stocks are strong buy.....

Good luck with your own analysis and comfort level.

BLOG does NOT give buy or sell.

Saleem

Posted in: Mixed