WHERE NOW?
Markets continue to trade lower with the DJIA hitting -390 SPX as low as -50 one thing to keep in mind is the retracement - last weeks low at about 840 and yesterday's high at/near 1045- so the 940 area may find lots of buying interest-
Strongest sectors- semis, biotech, drugs, metals and banks while oils, emerging markets and ags lag.
NYSE- 2375 net losers;
NAZ- 1550 net losers;
NDX/OEX- 20 GREEN;
VIX- higher by 8% at/near 60;
Down volume 10X the up;
Looking for an afternoon snap back as I suspect folks actually want to get long the market- RUT continues its ugly way and the NQ is leading in light of the ugly action in the oils/XOM.
posted by DAVID at
11:57 AM
2 Comments:
mini melt down! Well, you sure the 840 low will hold? Hopefully we will get a higher high... but it seems that's what everyone is looking for, so manybe one more shoot down below 840 to wipe out all hope for everyone?
not in the near term - probably a move higher tomorrow
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