ANOTHER NOON SWOON

Still holding my long QQQQ from yesterday and may add later in the week as the markets are very oversold on a short term basis. How oversold?

RSI (2):

SPX 5

DJIA 6

OEX 5

NAZ 3

NDX 3

RUT 4

MID 3

Of course for the trading rules to be active on the long side, the markets need to be in an uptrend and most are not as all now trade under the 50 SMA and most under the 200 SMA.

Volatility indexes again not cooperating as they are mainly lower despite the lower indexes.

Market internals have flipped to red with the NYSE/NAZ showing about 1,000 more losers than winners.

The NDX and the IBD 100 are still showing a like amount of winners and losers while the OEX has many more losers than winners as the financials have all flipped to red.

New list of IBD 20 stocks out this morning and they are also primarily lower- the group includes:

FSLR EMR WFR HPQ SYK XTO GILD PCP LMT DE CME GOOG GENZ AAPL STT NYX MA POT VMW and MOS.

Updating year to date numbers:

SPX +1.6%

DJIA +5.3%

RUT -6.4%

MID +4%

NDX +14.5%

NAZ +6.25%