Markets closed at the lows and that probably should have been predicted once yesterdays lows were taken out. The SPX -12, NAZ -20 and the DJIA -107.
Sector winners- metals, drugs and junk while retail, energy, brokers and homies lagged.
SPX 90 GREEN;
NDX- 18 GREEN;
VIX - higher by 6% at 32.7 and a full 10% above the SMA 10- hasn't happened in a while;
RSI (2) levels:
So going home long some QLD and looking to hold for an exit when the RSI is over bought at/near 70 area- hopefully this market doesn't just go straight down - not that likely.
Also, tried some DIG today but was stopped out of that trade pretty early.
Some pretty good ES monthly support at the Pivot near 903.-
Markets are chopping around this AM and don't see much that is going to change any time soon. The SPX +2.5, NAZ +11 and DJIA +12.
Strong sectors- metals, drugs, trannies and real estate while retail, banks, telecom and internets lag.
NYSE- 600 net green;
NAZ- 400 net green;
NDX - 64 GREEN;
SPX- 277 up and 215 down;
VIX- unchanged at 31;
Quickly flipped my QLD this morning and looking to get back on a dip - also bought some DIG as buyers showing up this afternoon would not be surprising- it it doesn't go down it probably goes up as lots of folks still expecting a big down draft.
Futures are trading higher this morning on the heels of yesterday's sell off and now some over sold conditions- and yes it looks like QLD long from the close is looking ok and may take it off soon enough.
Not sure I want to get all beared up looking at the chart above - but to each their own.
And BBY disappoints with its retail news and the comps look like the biggest problem.
Also back to the bullish indications for equities - dollar down, gold/crude/commodities higher and nat gas another 3% higher.
Other stuff this morning:
In Iran - one indication of a counting problem;
Kellner looking for more dollar weakness;
Value Line less- bullish - wonder where they were at SPX 1575?
BESPOKE on Growth vs. Value;
DR. BRETT on 10 day high followed by 10 day low;
Overbought and Oversold ETF's;
And who isn't tired of hearing from the other BRETT;
POST CLOSE LINKS
Markets closed a bit off the worst levels but gapped down at the open - went lower during the first hour and flat lined the rest of the day.
The SPX closed -22, NAZ -42 and the DJIA -187.
Strongest sectors- junk, semis, internets, telecom, brokers and retail while real estate, energy, trannies, metals and ags lagged.
NYSE- 2100 net losers;
NAZ- 1500 net losers;
NDX- 4 GREEN;
SPX- 16 GREEN;
VIX- higher by 9.5% at 30.8;
TRIN- 2.47- with almost all the volume to the downside- and light volume overall at 1.16B shares traded- just like on up days.
RSI (2) levels:
Clearly some oversold conditions and I dipped in and bought some QLD - for a quick flip - hopefully for turnaround Tuesday tomorrow-
Also wanted to buy some DIG but it didn't get to my lower target- so on lower prices I plan on buying it.
Lots of talk on stocktwits.com of this being the start of some bigger move lower - not sure but my hunch is lots of folks missed out on much of the move higher and will look to buy the dips- in order to catch up to the other folks who have been long and strong since SPX 1575.
Markets still way down but off their worst levels- SPX -23, NAZ -48 and DJIA 188.
Best sectors- still red- junk, telecom, semis, brokers and retail while energy, emerging markets, real estate and trannies act the worst.
Market internals - awful with 1 green on NDX and 16 green on SPX.
SPX 50 SMA 891;
SPX 20 EMA 924;
SPX 200 SMA 910;
FIB retrace area 890 and 850 on SPX;
WS2 on ES near 911;
WS2 on NQ near 1440;
An ugly day in the markets if you are net long with the SPX -17, NAZ 36 and DJIA 157;
Strongest sectors- telecom, banks, semis and drugs while trannies, emerging markets, real estate and ags lag.
NYSE- 2200 net losers;
NAZ- 1550 net losers;
NDX- 4 GREEN;
SPX- 17 GREEN;
VIX- higher by 5.5% at 29.7;
Gold down $3 and crude down $1.2- natty gas the bullish story as it is higher by about 5%.
RSI (2) levels near 10 on most major indexes with NDX the worst at/near 4;
Doesn't look like we get much of a bounce today as the internals are just horrible and bounces are being sold quickly-
Tomorrow probably a different story as it is Turnaround Tuesday- and with the anticipated over sold conditions - probably time for a bounce - so day trades on bounces to the short side and near the close I will buy some for a bounce tomorrow.
Futures look to be opening lower with ES -3, NQ -6 and YM -36.
The dollar is moving up and is currently at 80.8 higher by 1.22%.
Left a bit early on Friday and didn't see the close but I did see the rip on the reuters news at 14.44- that boosted the markets- "Mousavi wins Iranian election with 65%, according to close aide"- Well not really or maybe really but not gonna happen-
The markets still generally overbought with RSI (2) levels as follows:
Barrons- their gurus- what they think now-
Hickey - bullish on GDX GLD AEM AUY MSFT and INTC;
Gabelli- bullish on LM ORLY VIA/B and USM;
Zulauf- EEM EWH EWS XME OIH XLE (GLD when it gets down to $850);
Schaefer- Long MV and Short PCL;
Black- BWP CALM;
Cohen- HESS and Lenovo Group (Hong Kong);
Gross- C and BCS bonds;
MacAllaster- BAC PL;
Faber- longs a bunch of stocks from Singapore and Thailand and EWJ- and short US Treas;
Witmer- Long MSFT;
I am long gold and MSFT and the rest no idea;
From the blogosphere:
FARI with some bearish stuff;
A random walk down Madison Ave.- pretty ugly;
But Houses most affordable since the 60's;
VIX+MORE- with his FIBS;
DR. BRETT and how all boats not being lifted;
Jason on some specs betting on a higher VIX;
TICKERSENSE- on the earnings bottom;
BESPOKE- on the stocks over the SMA 50;