Nice Bounce!
You've got to love today's +2.5 % bounce on all the indices. Late day dip buyers helped lead the way. But they weren't the only ones buying the dips. The markets wouldn't have rallied so strong if it weren't for the institutional muscle behind the scenes. Now while my three favorite stocks did not act as well, other close favorites fared well. ABAX, BIDZ, CEL, IIT and others were sure not to disappoint. I do have a few new long ideas for tomorrow and the rest of the week but I want to first wait and see how the market and the individual stocks themselves act during market hours. Later.
posted by Nick M. @ 11:45 PM
2 Comments:
IBD says: The Nasdaq snapped a four-day losing streak Tuesday, but lighter volume pointed to a lack of conviction among big-money investors.
.... When viewed in context, Tuesday's trading levels look even more anemic... But as the past few weeks have made clear, this isn't a healthy market.
Rocoach,
I fully agree with you on that. Yesterday’s volume was lackluster at best. At first I thought that there may been a strong institutional push yesterday but after closely reviewing the charts, volume was seriously lacking which points out that the rally was caused more by individual investors and traders buying dips. Also, it is still too early to tell exactly what is going to happen. I'm planning on easing off this market slowly and I will try and have some short positions ready in case the tide turns.
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