AFTERNOON THOUGHTS
The markets did not "buy" my buy the dip theory and continue to trade lower and are now approaching/near/at yesterday's lows.
Market internals have flipped big for the bears as about 500 more red issues on NYSE and 900 red on the NAZ.
Sectors doing best include GOLD and SILVER with just about all others in the red and led lower by oils, airlines, SOX, small caps, biotechs and retail.
Some smart folks are looking at the 21 day SMA as a good buying area and we are not far from those levels on the major indexes. Here goes, 1,367 on the SPX, 12,000 on the DJIA, 12,040 on the YM and 1,710 on the NDX.
An afternoon snap back rally with beginning of the month money would not surprise me, but lately more wrong than correct so we will see.
Market internals have flipped big for the bears as about 500 more red issues on NYSE and 900 red on the NAZ.
Sectors doing best include GOLD and SILVER with just about all others in the red and led lower by oils, airlines, SOX, small caps, biotechs and retail.
Some smart folks are looking at the 21 day SMA as a good buying area and we are not far from those levels on the major indexes. Here goes, 1,367 on the SPX, 12,000 on the DJIA, 12,040 on the YM and 1,710 on the NDX.
An afternoon snap back rally with beginning of the month money would not surprise me, but lately more wrong than correct so we will see.
posted by DAVID at
1:15 PM
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