Today's Action
#1
Posted 01 August 2007 - 06:45 PM
#2
Posted 01 August 2007 - 07:31 PM
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?
#3
Posted 01 August 2007 - 08:18 PM
#4
Posted 01 August 2007 - 08:19 PM
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
#5
Posted 02 August 2007 - 05:07 AM