Wednesday, June 22, 2011

I Wonder What Is Being Sold on Strength Today

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%.
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.
OK - after literally 17 attempts to get Blogger to successfully upload the picture, I give up.

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:
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.
Why?  Because it is considered Selling on Strength only if the stock is
green (positive gain), not red (loss).


  1. 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???

  2. 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?


  3. 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

  4. 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)

  5. 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).

  6. 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.

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