Nothing really big going on today for the market. Everyone's waiting on the word for the "stress test" results. There was buying on weakness today with the ETF for the NASDAQ (QQQQ) ... just under $57 million net inflow. The overall market was even on money flow for the day. After yesterdays big move this is not surprising. The number of shares that traded just over 50% were up in price. (All data was from
The Wall Street Journal) Nothing from a volume standpoint ... we did not have a distribution day from a volume standpoint. I believe for the time being with all the government money there has been a temporary (false) floor established for the equities market, home prices, autos, banks and anything else that is subsidized ... question is ... what happens to prices when we stop printing the extra money and the Chinese and Saudis turn off the lending pipeline?
If you notice all the short-term indicators including the modified tick data (red line located with the price) has or is approaching oversold territory. This could mean a big setup latter on if there is any good news related to the banking stress test results. We will have to wait and see. It just seems that this market does not want to move down in price ... at least not yet. We could see some early weakness from the market on Wednesday ... but would not be surprised if nothing major develops that we are not in positive territory sometime in the afternoon based on the above indicators.
Nothing really big going on today for the market. Everyone's waiting on the word for the "stress test" results. There was buying on weakness today with the ETF for the NASDAQ (QQQQ) ... just under $57 million net inflow. The overall market was even on money flow for the day. After yesterdays big move this is not surprising. The number of shares that traded just over 50% were up in price. (All data was from The Wall Street Journal) Nothing from a volume standpoint ... we did not have a distribution day from a volume standpoint. I believe for the time being with all the government money there has been a temporary (false) floor established for the equities market, home prices, autos, banks and anything else that is subsidized ... question is ... what happens to prices when we stop printing the extra money and the Chinese and Saudis turn off the lending pipeline?
If you notice all the short-term indicators including the modified tick data (red line located with the price) has or is approaching oversold territory. This could mean a big setup latter on if there is any good news related to the banking stress test results. We will have to wait and see. It just seems that this market does not want to move down in price ... at least not yet. We could see some early weakness from the market on Wednesday ... but would not be surprised if nothing major develops that we are not in positive territory sometime in the afternoon based on the above indicators.
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i really wouldnt mind seeing some selloff right now. take some pressure off the mkt and give a chance to pick up some stuff on a dip.
ReplyDeleteMe too ... but I don't think that is going to happen just yet. Look at the volume chart on the 5/6/09 report (the black indicator line made a new bottom) ... it shows that this is a top n price. We may get some kind of correction soon ... just don't know how big its going to be.
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