Volume Not Following the Rally
March 12, 2008
Volume is running lower than yesterday’s, @ 1:07pm EST pace. Ideally, accumulation will immediately begin after the first day of an attempted rally. At the moment this market is a complete bore! It would have been nice to see volume racing higher today to begin the bottoming process.
We aren’t seeing our bottom. Why? Look at some of these numbers:
New Highs (today): 46
New Lows (today): 202
VIX: 26.02
VXN: 28.80
New Highs continue to be dominated by New Lows and VIX and VXN continue to show the lack of fear at the recent lows. During market bottoms we’d see VIX and VXN race higher with New Highs crushing New Lows. We aren’t at the point yet.
Cash is King
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