We started the day off with a small gap-down and market breadth of about 3 to 1 negative. The bears had an opportunity to gain some ground as the small-caps underperformed once again. Instead, we saw the bulls fight back on low volume. While it was unimpressive for the bulls, it was still a win as we continue to test June’s highs and continue to stay above the 200-day moving average in the S&P 500. (more…)
We had another green day in the markets today. Technically, the S&P 500 closed slightly red, but the last minute surge put the the Dow Jones and Nasdaq in the green. After dropping at the open, we worked our way higher towards lunchtime. Near the middle of the day, we started to downtrend into the final hour. The final hour is typically met with high frequency traders taking over and creating volatile action. Today was surely no different. (more…)
I wish I could start this off by saying how great today’s action was however I found it to be one of the most boring trading days of the year. Granted, we saw a nice run-up in Orient Paper (ONP), to which I booked some profits, but the volume was light and the action mostly sideways. As I’ve stated often, it is very hard to capitalize on low volume days with sideways action. It is much better to have a high emotion day where the market goes up or down on good volume, as we can make money in either direction. (more…)
