SP 500 And Nasdaq Pullback In A Calm Fashion On Lower Volume, While The DJIA And IBD Indexes Continue To Rally; Where Is The Volume And Where Are The New Leading Stocks?
December 7, 2007 | 5 Comments
Overall, it was a pretty choppy and inconsistent day on Friday, but it was still a good day when we take it and consider that we continue to hold well in the face of all the bad news from the subprime area of the economy.
I heard many complain that we did not finish higher today on the Nasdaq. I, however, disagree with them and find it more bullish that we finished a tad lower. That shows me that we are consolidating the gains, since the November 28th follow-through day from the IBD indexes, quite well. If we would have sold off today on heavier volume, then I wouldn’t consider the days action bullish. But the fact the we sold off a little and the volume was lower is exactly how you want to see the market pullback after adding on some solid gains.
Don’t forget that the DJIA finished higher, even though volume was extremely low, and that the IBD 100 and IBD 85-85 indexes finished higher. The big caps and leading stocks seemed to hold up well on a day of profit taking. So the people that were not happy with the Nasdaq do not have to look too far to find some other positives in the market.
Stocks Rally Again And Close Near Their HOD, On Stronger Volume; Volume Well Below The 50 Day Volume Average
April 11, 2007 | Leave a Comment
Stocks performed the same way as they have been recently, with the markets gapping up, selling off, and then finding dip-buyers to help bring them off their lows and sending them near their highs by the close. All of this happened despite a very healthy amount of bad news from the housing and mortgage industry. Almost half of my links that I received today involved stories about the housing and lending markets. However, stocks digested the data and did what they have been doing recently rallying the rest of the day. Read more
Stocks Rally For Second Straight Day, On Lower To Flat Volume; Funds Still Have No Interest In This Market
March 20, 2007 | Leave a Comment
It was another day of light gains, for the stock market. However, today, had a bit more of a steady bullish bias to it, unlike yesterday, as big-cap indexes closed near their HOD. The good news for stocks came on the back of a better-than-expected housing starts number for February. That number was up 9% for the month, which is much better than the 14% drop in January. The bad news, in that mix, came from building permits as they fell again by 2.5%. The other positives effecting stocks was M & A activity. The news that CYTC is making a full bid for ADZA and that PALM might receive a bid for its business might have had a positive impact on stocks. Read more
Stocks End The Week With More Losses, Capping Off Their Worst Week In Years
March 4, 2007 | 2 Comments
A falling dollar to a rising yen and euro and concerns of the subprime mortgage market helped weigh on stocks on Friday. However, after the damage Tuesday and the weak bounce on Wednesday and Thursday, further selling was to be expected. The most disturbing part of Friday’s selloff was the fact that almost all the indexes closed at their LOD. Read more
Stocks Fall Hard But Find Support Around Mid-Day; Lower Volume Prevents Another Distribution Day.
January 22, 2007 | Leave a Comment
Stocks started the day off rough and only got worse as the LEI was delayed. The delay helped the selloff pick up steam and stocks quickly dropped to their low’s on the day. However, like usual, buyers stepped in to help support a declining market. However, by the close, their buying could not prop the indexes back into positive ground. Read more
Stocks Refuse To Follow-Through On Yesterday’s Gains.
January 5, 2007 | Leave a Comment
Despite strong job numbers that on the surface appear to be bullish for stocks, major market indexes sold off failing to capitalize on yesterday’s impressive performance. Rising hourly earnings and fear of the Fed not cutting rates due to the strong hourly numbers was the spark that lit the fire of the sellers.
At the close, the Nasdaq lost .8%, the DJIA lost .7%, and the SP 500 lost .6%. The bad news comes from two fronts: the SP 600 lost 1.5% and the IBD 100 fell 1.1%. Growth stocks and leading stocks stunk up the joint, today. The action in leading stocks shows that the market is weaker than the big cap indexes are telling us it is.
The SP-500 Makes Another Six-Year High; Bears Still Don’t Get It.
December 14, 2006 | Leave a Comment
Stocks gained ground off of crude oil rising 2%, drifting with an upward bias on the DJ and downward bias to a green close. The gains in the face of bad news was a clear sign of just how strong this market STILL is.
Stocks Shake Off Early Morning Hit And Rally Off The FOMC; Nasdaq Suffers Third Distribution Day In Four Weeks.
December 12, 2006 | Leave a Comment
Stocks started the day pretty calm and soon gave way to some very rapid selling that dropped the indexes hard to their lows of the day; the Nasdaq fell as much as 1%. However, stocks found strong support on that selling and after the FOMC announcement stocks worked higher finishing well off the lows. Overall, a very impressive fight back from what looked to be like a really bad day in the making.
