Another day in paradise, I mean Wall Street as the markets get crushed yet again. The DJIA closed down 370, NAZ -73 and the SPX -44.
The only strong sector on the screens- gaming with LVS+9% and WYNN+7%.
Key stocks- 5 GREEN - LVS WYNN GOOG VMW and ISRG- LOSERS- NYX ICE GRMN C BIDU GS MER MS NVDA.
NYSE/NAZ- 3,600 net losers;
IBD 100-5 WINNERS;
VIX- higher by 8.7% and a mere 3% above the 10 SMA;
TRIN- 2.96 UGLY;
Down vol about 12X Up vol;
Ugly ugly selloff and markets are hardly near the recent lows of 11,700 on the DJIA and 1,270 on the SPX. I guess those lows eventually get retested but that should be a nice set up for the bulls when and if. In the meantime - here are updated RSI (2) levels:
Oh, and how bout this from Cramer late Friday (market top) as he was all excited about the markets:
"The money coming in must be huge. That's what happens when you cut those rates -- people find excuses to buy, and they buy S&P funds. You can see that in the broad-based nature of this rally.
Some of these moves smack of shorts scrambling because there's not a lot of stock around and there are value-buyers everywhere.
These are dramatic moves.
Yet I want to tell you that I am not getting positive vibes from any of the managers I talk to, except the value managers, who are seeing an unbelievable infusion of cash, as the beaten-up sectors -- retail, housing and banks -- are their expertise.
What an amazing move, and yet it inspires no believers.
What a shame.
This is a real good one. "
I just don't understand why no one at CNBC checks Cramer's homework
and sees the value of the drivel. Market probably bottoms when CNBC figures it out and dumps this clown.