NOON TRADE
Markets continue to trade lower on the heels of the lousy action/new out of the semi group as NSM is the latest to offer crummy guidance.
The DJIA is -14, NAZ-12 and SPX -2.
Strongest sectors continue to be metals, internets, utilities, airlines, banks, retail, brokers and midcaps. Trading lower are gaming, semis, tech, software, biotech, trannies and large cap growth..
Strongest stocks include NVDA YHOO TLAB JOYG COST AVP AES LTD GM and DOW while the weakest include NSM TYC HPQ DELL BAX TXN ORCL AKAM IACI and WYNN.
Market internals gave a false impression this morning as the majority of stocks opened higher. Currently the NYSE is +250 and NAZ -350.
The NDX has about 15 gainers; the OEX and SPX about even between winners and losers.
GS and GOOG continue to trade higher while other key stocks such as AAPL ICE CME MER KLAC continue lower.
The range so far on the DJIA, 46 points vs an average of about 90 over the last several weeks. So I expect some volatility just trying to gauge which direction.
The NDX has sunk back under its 50 day SMA as tech has been pretty stinky of late as it continue to inversely relate to crude. Just wondering if its time for a flip as the 2 day RSI sinks to buyable levels.
posted by DAVID at
12:23 PM
3 Comments:
Quick Question....Where do you get your 2 day RSI figures form?
Its on top of the stockcharts.com chart-
It is a great time to be a bull. Shorts had a perfect opportunity today to drive the mkt down with overbought condition for the mkt, semis being down, and oil companies in the red despite oil being up. However, in the end, the shorts lost their balls. Bulls are still in control and dip buyers are waiting for every dip. Also, are you having any luck following Jim Cramer's recommendations. Is he bullish on oil now? Where was he when OIH was at $125?
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