AFTERNOON RIDE
Here we go again on the daily roller coaster ride and right now not looking to pretty- although we are now well off the worst levels of the day.
Strongest sectors- metals, utils and biotech while airlines, steel and gaming are the worst.
NYSE- 1650 net losers;
NAZ - 1350 net losers;
Down volume 3X the up;
TRIN- 1.24;
VIX- higher by 6% at/near 25.3 and 10% above the SMA 10- so a it over bought at last;
SPX hit a low at near 1260 this morning and just a hair above the March lows at 1257- a triple bottom anyone-;
Stepping up and buying some QLD - slowly- and maybe some SPY/DIA before the day is over-
posted by DAVID at
1:28 PM
1 Comments:
I'm with you on the long side of stocks (short term), as well as short treasury bonds. I must say that I am not a big fan of "triple bottoms", however, as they seldom work in my trading. Luckily, I am in the trade for different reasons!
Good to have you back, Dave.
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