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7 comments:
I'd wait til BX and $XBD have stabilized and there's more capitulation in the IBD top 30 stocks.
Working thesis....a low volume rally in August, another downturn/test of lows in September and who knows what in Q4.
then again....it looks like today will be a 90% down volume day on comp.
perhaps buying some QLD/UWM into a gap down tomorrow or monday for a quick flip?
S&P 500 reports that intraday, only 16 of 500 are in the green. Will be a 90% down day in all likelihood.
Intraday, we're down from 193 of 500 above their 50 dma yesterday, to only 112. Also, only 266 of the 500 are above their 200 dma. When was the last time that happened? Take your pick, the Oct 2005 correction or the Jun 2006 correction.
Low RSI, high VIX in relation to ATR. Looking more attractive to me as we go. Will run the models when I get home. I will NOT be nibbling until (at least) after I see the reaction to the GDP report tomorrow. I'll probably buy the index tracker or leveraged tracker until I figure out the leadership.
Here's what I've got, best to worst, for today so far:
Technology - Electronics , (PHW), -1.1%
Health Care - Biotech , (IBB), -1.6%
Health Care - Providers , (IHF), -1.7%
Telecom - Wireless , (WMH), -1.8%
Cons. Staples - Goods , (IYK), -1.9%
Health Care - Pharma , (PPH), -2.3%
Health Care - Equipment , (IHI), -2.4%
Cons. Cyclicals - Retail , (RTH), -2.7%
Cons. Staples - Food and Beverages , (PBJ), -2.7%
Technology - Networking , (IGN), -2.9%
Industrials - Aerospace and Defence , (PPA), -2.9%
Technology - Semiconductors , (SMH), -2.9%
Financials - Insurance , (KIE), -3%
Energy - Oil Equipment and Services , (IEZ), -3%
Technology - Software , (SWH), -3%
Financials - Regional Banks , (RKH), -3%
Technology - Internet , (HHH), -3.1%
Industrials - Environmental Services , (EVX), -3.1%
Cons. Cyclicals - Services , (IYC), -3.3%
Financials - Banking , (KBE), -3.3%
Energy - Clean , (PBW), -3.4%
Cons. Cyclicals - Leisure and Entertainment , (PEJ), -3.4%
Industrials - Transports , (IYT), -3.5%
Telecom - General , (IYZ), -3.5%
Utilities - General , (XLU), -3.5%
Financials - Real Estate , (IYR), -3.7%
Energy - Oil Services , (OIH), -4%
Utilities - Water , (PHO), -4.1%
Cons. Cyclicals - Building and Construction , (PKB), -4.2%
Materials - Natural Resources , (IGE), -4.5%
Energy - Exploration and Production , (PXE), -4.6%
Financials - Brokers , (IAI), -4.8%
Materials - Gold Miners , (GDX), -4.9%
Cons. Cyclicals - Homebuilders , (XHB), -5.2%
Financials - Capital Markets , (KCE), -5.2%
Materials - Metals and Mining , (XME), -6.2%
Materials - Steel , (SLX), -6.9%
Now with this further swoon in afternoon, we have enough scare, panic and fear.
there's nothing to fear but (no) fear, itself?
So Pradeep, I was wondering when did you start babysitting as a side job - by the look of the photo you need more practice.
McClellan is waaaay down after todays action.
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