THE USUAL
The theme continues to be no place to run no place to hide as equities are lower as are metals, energy and commodity stocks.
Strong sectors include drugs, semis, techs and utils while brokers, energy, steel, ags and banks all lag.
NYSE- 1130 net losers;
NAZ- 925 net losers;
NDX- 30 WINNERS;
OEX- 40 WINNERS;
VIX- 23.75 and higher by 5.4%
Down volume more than 2X up;
Maybe some SPX support at the next round number 1250 - and markets are oversold with RSI (2) levels at near the 20 level- and don't forget the Cramer bottom call a few days ago when the markets were considerably higher.
Low rates on CD's - stocks seem to go down every day as does real estate and commodities so what does one do with the cash- seems like the mattress is a good idea for now.
posted by DAVID at
9:59 AM
5 Comments:
I'm no fan of Cramer, but so far, he hasn't been wrong.
If you draw a line from the 7/16 low to the 7/28-7/29 lows and extrapolate it to today, that's exactly where the S&P bounced.
If it holds and we go higher tomorrow, we still have the pattern of higher lows within the countertrend rally.
Check where he said - the bottom is in- I believe it was last Wednesday!
July 31, 10:33 AM:
"The bottom. What does it mean? It means that every time we get a big decline, you have to buy it, because we are not going to take out the July 15 low."
He also said:
"Again, a bottom is not a new bull market. A bottom is what we won't take out."
I don't agree with him to be buying everytime we decline big, but he has not been wrong about July 15 being the low. Not yet, at least.
Listen- Kramer is like a baseball season - he makes 162 different calls and gets half right and half wrong- like most batting 500- and dont forget how the Fed has your back.
YOU listen.
I'm only defending the guy because no one else will. And if he wasn't right, I wouldn't have anything to defend.
I dislike the guy. I don't have anything empirical, but I'd bet his average is far below .500.
But just because we don't like the man doesn't mean his up-to-now-correct-call didn't happen.
Post a Comment
Subscribe to Post Comments [Atom]
<< Home