The View; Sometimes There is Not Much To Say
- Posted by Frank Zorrilla
- on February 27th, 2013
There is not much to say about yesterday’s action besides the fact that the Dow Jones retraced 53% of Monday’s sell off and Nasdaq 28%. That is one of the reasons why I believe you have to be methodical with your selling (when tops are being formed, not saying that this is one of them) and very quick with your buying in bottom type situations (this is not one of them)-read more here.
Looking at The View you will notice that the major averages ($COMPQ, $DIA, $QQQ, $IWM) are still trading below their 10 day and 20 day moving averages with the $NDX below its 50 day as well. Two former leaders $EEM and $XHB are now leading to the downside and both are below their respective 50 day moving averages. While in the 15-20 day time frame the market maybe very vulnerable, in the short term (1-5days) their might be some opportunities in some of the ETF’S that are oversold. $XIV $XBI are both below their lower bollinger band, every single stock in the $XLE is below their 10 day ma, and only 7% are above their 10 day in the $XES.
The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.
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Frank Zorrilla is the founder and chief investment officer of Zor Capital LLC.He began his Wall Street career 10 days after his 20th birthday when he became a Series 7 licensed stock broker. More »
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