The Nasdaq was lower on lower volume and the NYSE was lower on higher volume. Volume was skewed by Lucent's (LU) volume, so not sure you can call NYSE's higher volume a distribution day. No matter what though it was a boring day witht the indexes all changing .05% or less. News of existing home prices falling 2.6% didn't impact the market, because the homebuilders already priced the news in the past three weeks.
It is still hard to tell if this is base building or a possible intermediate downtrend trying to start in the indexes. So play it by year and be prepared for a move in any direction by having strict buy and sell rules.
The good news, besides the indexes being near their 50 day moving averages, is I am starting to find some nice chart patterns in individual stocks again. It doesnt mean a rip-roaring bull is coming back but it does support my bounce theory in the short-term.
Not much else to add today that you can't already read in my past 10 blog post. The indexes sure are not providing any fireworks to talk about.
New Swing Longs: BTUI BCRX IRN CPST COHU GERN MDRX ELX CDN
Longs Outperforming Market: BCON RMD ACR ANX CVO SYNC SUPX FLOW KOPN VAS BBSI
New Swing Shorts: FRO WIND BCF PBT BCR MAA VSTA PLCE
Shorts Outperforming Market: GKIS TTC
On The Radar Screen: PNRG OPTC IIN CTTY RNAI EGBN
2 comments:
Are you still banned from othernet? If so i'll catch you in activetrader, hopefully.
I am banned from both networks!!!
Don't ask me why I am banned from #financialchat. I was given NO reason.
I don't think Cougar will let me back in Othernet because I have hurt his Ego. I should learn to not have opinions. Or at least not voice them. You must be a sheep or else, as in every dictatorship, you are silenced. sheesh.
Aloha
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