THE CLOSE
The baton seems to have been passed back to the NDX to lead as the tech heavy index closed up .5% compared to a lower /flat RUT/OEX/SPX /DJIA.
Strongest sectors included tech, trannies, oil service, retail and biotech while homies, metals, brokers and small caps lagged.
Bell weather stocks that closed ugly- GS C MA WB WFC JPM LEH MER CME ICE CSCO KLAC VLO XOM LVS PG GE CVX AXP.
Winners- SHLD ADSK S JNPR DISH MNST QCOM NTAP CSC EMC ROK SLE AES S WMB WY HPQ VSEC CF FTK DRC TBSI DSX DK PCR FCSX FSTR MTW.
Losers- SMSI LKQX WNR UA STP PVG EDC CLB ARGN GEO WBD SO ABT LEH ATI XOM HD PG AEP EP SEPR ALTR SIRI XMSR ERTS COST MCHP ERIC BRCM LVLT.
Market internals closed slightly red on the NYSE/NAZ and even on the NDX. The OEX much better with 3/2 up to down. The IBD 100 closed with about 55 up to 45 down.
Volatility indexes closed down 7% as we finally had a non volatile day. Up /Down volume about equal.
Financials gave up their gains early in the session and were a pretty good signal that the rally was going to get sold. In addition, the rapid deterioration of the internals also said - sell.
And biotechs moving higher- what is with that. Real estate -ugly again after a few days of reprieve.
2 day RSI's on major indexes at/near 25.
posted by DAVID at
3:59 PM
2 Comments:
SKF(ultra short Financials) did a turnabout late from down to up and SDS(S&P short)turned up as S&P turned down late.Shorts still good for this hot weather--in the form of etf's.
Rut too speculative in this kind of market to lead very far,if anything goes under Rut will before Large Caps.
ike
Like Guy Adami Fast Money repeated for 3rd time in 2 weeks buy DOG the dow avg short and I like fuller market SDS of s&p.
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