Stocks Poised for a Positive Close
March 31, 2008 | Leave a Comment
Stocks are acting like they have support going into the quarters end. The real issue here is with volume. As of 11:35 volume appears to be lower than the run rate on Friday. Not much support for the bulls here, institutional buyers are simply not stepping up to the plate to support this market.
If we continue to move higher and on continued lower volume it will spell trouble for the market. The lack of accumulation is not astounding nor is it surprising to me. This was and still is a classic bull market bounce. No volume and clearly driven by oversold, short covering conditions.
Tomorrow’s session should be more indicative of the action going forward. Lack of volume the past week of action is indicating to me that more selling is just over the horizon.
Watching The Intraday Rally
March 18, 2008 | Leave a Comment
As I sit and watch this about all I can think of is how the 5 400 pt. up days on the DJIA ALL!!! failed. And that the nine best days on the Nasdaq all occurred during the 2000-2002 bear market NOT!!! the 2003 bull market. So while you watch the rally today on NO VOLUME, remember, you JUST SAW THIS seven days ago! How did that turn out? Where is the volume? And why did the market gap higher and not allow anyone to get long in the morning? Ah all the signs of a bear market bounce. If it feels painful, it is a bear market bounce. The time to start buying will come when the crowd sees a big 3% gain on higher volume and tells me “it’s going to fail.”
Stocks Finish Higher Across The Board But Suffer A Late-Day Selloff; Lower Volume Shows Institutions Are Not Interested
March 9, 2007 | Leave a Comment
My girlfriends parents arrived on Maui, today, so I spent all day with the family. Therefore, I was not around at all after the closing bell.
However, I have reviewed my charts and can honestly say that nothing has changed. The gap up this morning and steady drift all day gave way to a selloff sometime after 2pm EST. That was a pretty nasty selloff and that has now happened for the third day in a row. Combine that with the lower volume and you have another technical negative. This bounce should see some volume if it is going to have any staying power. Read more
Stocks Indexes Keep Rallying; New Buy Candidates Drying Up As Most Are Extended Beyond Proper Buy Points
February 16, 2007 | Leave a Comment
There was plenty of economic data for the market to feast upon, on Thursday. However, neither that or continued testimony by Ben was able to really move stocks one way or the other. Though industrial output fell by the largest amount in 17 months, stocks didn’t mind and were able to close higher across the board, for the third straight day. Read more
Stocks Show Why It Is Silly To Short The Market Before A Clear Downtrend Is In Place.
January 24, 2007 | Leave a Comment
A lot of good earnings helped the market shake off some recent selling as stocks rose across the board with leaders leading the way.
At the close, the Nasdaq led the way with a 1.4% gain as the index reclaimed its 50 dma, the SP 600 followed with a 1% gain, the SP 500 was up .85%, and the DJIA put in a very solid .7% gain. Leading stocks were the clear winners, with the IBD 100 up 1.6%. Big cap tech was the best on the day, however, as the Nasdaq 100 rallied 1.65%. Read more
