Wednesday, June 22, 2011

I Wonder What Is Being Sold on Strength Today

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Well, it's now the NOON hour EST and we have the SP-500 just turning flat after being a little more green earlier this morning, gold is up about .5% but starting to fade, silver is up .5% but starting to fade, and GDX (gold miners) are very happy and +1.80%.
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Just for the yucks of it, I wondered if anything in particular was being sold on strength this morning on the NYSE, so I took a peek.  If you want to, look at this chart and you can take a peek, too.  I'm not saying it means anything, but it does have me scratching my head.
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OK - after literally 17 attempts to get Blogger to successfully upload the picture, I give up.
http://online.wsj.com/mdc/public/page/2_3022-mflppg-moneyflow.html

Here is what the 12:33 pm WSJ update on Selling on Stength says:

SPY -$182Million
IWM -$9Million
IJH -$7 Million
GDX -$5Million

It's probably just smart money covering shorts in case Ben goes koo-koo again.

Update: 2:32 EST

SPY -$254 Million
IWM -$162 Million
QQQ -$20 Million
IJH -$7 Million
TNA -$3 Million

PS. Just a well-intentioned heads up:
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When a ticker symbol, such as SPY, closes negative for the day,
it will not show up on the WSJ's Selling on Strength page at all.
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Why?  Because it is considered Selling on Strength only if the stock is
green (positive gain), not red (loss).


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6 comments:

  1. AnonymousJune 22, 2011 at 12:21 PM

    Here I am 82 years young and still learning, thanks to you. Your "selling on strength" comment led to my discovering the "buying on weakness" data at the WSJ site. I notice that ZSL, though way down at the bottom of the list, is being bought on weakness. I guess there is still hope re our positions in ZSL???
    Loren

    ReplyDelete
  2. PhilJune 22, 2011 at 12:35 PM

    John -

    I've read a lot lately about the miners being under priced relative to the value of the underlying metals . . . what are your thoughts on this?

    Thanks!

    ReplyDelete
  3. AnonymousJune 22, 2011 at 1:42 PM

    Hi TSI Trader, I like the site.

    I've noticed ProShrsUShrt S&P (SDS) is currently top of the "Buying on Weakness" list at $29.13m

    ReplyDelete
  4. AnonymousJune 22, 2011 at 1:58 PM

    John, I'm a long time follower and first time poster. I was very impressed back in March when you called for a high of $48 on silver in your parabolic breakdown of gold and silver post. I applaud you in your call and thanks to you I made over 700% trading the calls on SLV. I started buying July puts around the first of June. What is the latest on the bearish wedge formation? When do you think it breaks? Are you still confidient in your $22 target?
    Thanks for your time.
    Robert (Denver, CO)

    ReplyDelete
  5. packeteeristJune 22, 2011 at 6:23 PM

    Hi John just stumbled onto your blog today and am busy reading your posts, I am finding immediate value in your opinions. I am considering entering into some proshares ETF ultrashorts, what do you think about using the ultrashorts as a way for a retail investor to gain on what looks like a big leg down for the market in the next few months (at least to me it seems).

    ReplyDelete
  6. 23t870June 22, 2011 at 7:06 PM

    John,

    Because of your previous post, I was also keeping an eye on the SOS data.

    I noticed around 2:30 the SOS for the spy was big. Considering that and that the S&P tagged 1300 a bit earlier I checked SPY on the 30 min chart.


    There was a clear trend line break. I waited until there was also a zero line crossover then decided to pick up some Jul puts.

    http://i52.tinypic.com/2qs0136.png

    I plan to hold until the S&P breaks the 3/16 low.

    ReplyDelete

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