CLOSING LOWS
Markets closed at their lows for the day but above the worst of the week as the SPX hit a low of 1,380 yesterday and closed at 1,387 today. I suspect many were scared of a black ugly Monday and if that doesn't happen, it may turn out to be turnaround Monday.
The DJIA closed down 120, NAZ -36 and the SPX -16.
Strongest sectors included retail, banks and biotech while the worst were the silver stocks, metals, gaming, brokers, airlines, internets, reits, small caps and semis.
Market internals closed near the worst levels of the day as the NAZ/NYSE had about 3,300 shares net red and both the OEX and the NDX had 1 up for each 9 down while the SPX had 40 of the 500 in the green.
Volatility indexes closed up about 18% on the day and now trade about 40% above their respective 10 day SMA's.
The forgotten and apparently unusable 2 day RSI now at 7 on the SPX and 6 on the DJIA. Hard to believe that just a few short weeks ago it was repeatedly over the 90 level.
I didn't do much except for take out some insurance buying the QID as a hedge against a weekend fiasco. Hopefully it will be a big loser.
posted by DAVID at
4:25 PM
1 Comments:
Hi,
At the moment, just about every sector that we track is down since the free fall on Tuesday, on a breadth and price basis. A few very specific groups have shown some resilience on a breadth basis, such as oil & gas pipelines, building materials wholesale, personal computers, health care plans, etc..
On the downside we see some larger type groups taking the brunt of the selling on a breadth basis, such as Biotech, Homebuilders and Semiconductors. We do believe there is more downside to come, at least until things appear more clear from China. At that time we will be bargain hunting aggressively.
Cheers,
Ralph
http://blog.successfulonlinetrading.com/
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