% | $
Quotes you view appear here for quick access.

SPDR S&P 500 ETF Message Board

  • ibdman15 ibdman15 Feb 21, 2013 2:21 PM Flag

    Market in Correction Now - GET OUT

    So Raise Cash. Could be setting up for significant CRASH Monday or Tuesday depending upon any downward follow through Friday. However, with market currently at lows of the day and accelerating volume, today is setting up to be another massive distribution day that will switch the outlook to Market in correction in the Big Picture tonight.

    Sentiment: Strong Sell

    SortNewest  |  Oldest  |  Most Replied Expand all replies
    • ot quite. Let it drop a couple more percent then we can call it in Correction however IBD is not too enlightened with the last two days of Institutional selling:

      Stocks skidded a second straight day as volume jumped, pointing to continued institutional selling.
      The Nasdaq slashed 1%. The S&P 500 and NYSE composite trimmed 0.6% and 0.8%, respectively. Defensive groups, such as retail discount and tobacco, did well. Gold mining stocks also gained.
      The IBD 50 lopped off 1.4%.

      Volume rose across the board.
      The action added another day to the distribution-day count, bringing the NYSE composite to seven distribution days. Such a heavy load is unusual but not unprecedented in an uptrending market. In late March 2012, the NYSE labored under seven distribution days until an eighth day pegged the correction on April 4. So the index now does have a dangerous number of higher-volume declines.
      Try to stay focused on what the market is doing rather than on speculation on why it is falling. Is it Europe, the Fed, the U.S. budget, the payroll tax or economic data?
      Don't waste time debating the why. Instead, act on the price-and-volume action.
      The last two days have almost been textbook cases of bad action: big percentage losses in the indexes and rising volume. Thursday's closes, though, diverted a bit from the bearish textbook. The indexes bounced in the final 90 minutes to finish off the day's lows.
      On Thursday, though, the pain increased for top-rated stocks. Economic news was mostly negative Thursday as leading indicators, the Philly Fed factory index, jobless claims and Markit Flash Eurozone Services did worse than expected.

      Sentiment: Strong Sell

    • no double bottom, this is a serious institutional sell off on huge volume. all indexes below 5, 10 and 20 DMA's ready to take out the fifties! Market now in Correction go to 100% cash or short.

    • when we break 63 on Q's there is an air pocket to $59! IWM air pocket to $84. SPY air pocket to $138.

    • Stop listening to all the bears......the charts say it all. Double bottom on the Spy @ 149.5.

    • it will get as low as 1494 and have a dead cat bounce

    • plus the NDQ 100 futures are now in lower range of the breakout on January 1-2! Unreal, almost all of the 2013 gains gone in two days. Many folks won't even knowthe market crashed until they see there February 401 k statement. The the quartelrly March statment will be down a lot on the year! UNREAL

      Sentiment: Strong Sell

217.24+0.98(+0.45%)Jul 22 4:00 PMEDT