Didn't publish on Thursday but kept notes. Not sure if my readers enjoy the statistics but clear ideas of where markets are going with stats and figures to back up my market calls.
Markets were down again today and unlike the past nine months, we are experiencing sell offs after market strength.
NYSE had increasing advancers and declining decliners which also corresponded with the large pickup of volume. But, the top 100 issues had broadbased pickup of volume and on the downside. What I have been noticing is that market reversals tend to have higher volume days. Citigroup was up today and may have officially bottomed.
NASDAQ had 3 billion shares traded today, the highest since I have been keeping tabs. The declining volume really picked up. The volume in the top 100 was large. New highs picked up a bit from 31 to 38.
Diary-There is panic and everyone expects a 50% plunge. But the panic happened at higher levels without gaps and there were still buyers out there. Also, I finally think what we are seeing is the end of the short squeeze and now the value of equities, bonds, and the future economy will be based on expected future returns as opposed to market technicalities.
Subscribe to:
Post Comments (Atom)
Posts
No comments:
Post a Comment