4 replies to this topic

[emdee]

Very impressive close but on a day of high volume the internals were crappy with decliners outpacing advancers by a good margin, new lows increasing while new highs decreased, etc. You would expect the boyz to save the SnP on an inital test of the 200 dma. New months flows a likely contributor. I am patially long here, but imo caution is still warranted as the market may not be out of the woods yet. Jmo...Mike

[rkd80]

Very impressive close but on a day of high volume the internals were crappy with decliners outpacing advancers by a good margin, new lows increasing while new highs decreased, etc. You would expect the boyz to save the SnP on an inital test of the 200 dma. New months flows a likely contributor. I am patially long here, but imo caution is still warranted as the market may not be out of the woods yet.

Jmo...Mike

Who cares about A/D on a day like this? We were down until 3:30! A/D does not respond instaneously, it lags. Look at 2 days ago, we finished bloody red and A/D was positive. SO?

[arbman]

I actually think the A/D will stay irrelevant for about 6 months at least from here...

[pedro]

Very impressive close but on a day of high volume the internals were crappy with decliners outpacing advancers by a good margin, new lows increasing while new highs decreased, etc. You would expect the boyz to save the SnP on an inital test of the 200 dma. New months flows a likely contributor. I am patially long here, but imo caution is still warranted as the market may not be out of the woods yet.

Jmo...Mike

Who cares about A/D on a day like this? We were down until 3:30! A/D does not respond instaneously, it lags. Look at 2 days ago, we finished bloody red and A/D was positive. SO?

Was last week's close the bottom for SPX on a weekly chart? See Williams%R 10 from last week [0.0 for SPX or 0.5 for SPY] . Compare those with its value at other important bottoms over the last year or two. If that's not enough, look at its value on other weekly charts at their bottoms in an uptrend. I can't expect more meaningful downside from here. Apparently, neither does Brinker fwiw -- he called for buying in 1440s. Don't follow him much, just noting the call from a guy who's been pretty spot on recently.

pdl

[emdee]

rkd80, I have a bad habit of watching what the underlying behavior of the market is doing today while trying to understand what it might do tomorrow <g> Btw...the number of advancing or declining issues on a given day is not a lagging indicator. It is what it is. You may be referring to the (cumulative) A/D line, which I was not. In regards to Brinker, he recently stated that he views this pullback as a short term correction. He currently rates the market an attractive purchase on any weakness that extends to the mid 1400s on the SnP. As most are probably aware, Brinker has been on the money for a few years now.