China can not save the markets
A weak bounce yesterday was aggressively sold today. The rumor of Chinese stimulus package was just a rumor. It was a 1000 plus day on Market Monitor, indicating extreme selling pressure.
Only sector which might be buy is gold as those stocks are best bought on pullback.
Unless the banking sector bounces back, chances of a bounce sticking are low.
Top sectors currently are :
MG732,Discount - Variety Stores
MG738,Auto Parts Stores
MG741,Sporting Goods Stores
MG821,Multimedia & Graphics Software
MG852,Internet Information Providers
Bottom sectors currently are:
MG313,Housewares & Accessories
MG523,Health Care Plans
MG633,Lumber / Wood Production
MG712,Resorts & Casinos
Stocks within lcosing distance of 52 weeks currently are:
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