Stocks Reverse in Heavier Trade
Posted on February 15, 2008
Filed Under Market Speculator |
6:30amEST Stocks Take a Bite out of the Follow-Through Day, End the Day Lower on Higher Volume.
Valentine’s Day was not so kind to the Follow-Through Day the market produced on Wednesday. Stocks had stumbled out of the gate and were looking to stage a breakout into positive territory early in the trading session. However, selling pressure proved to be too much for the market as stocks continued to sell off throughout the reminder of the the trading day. BIDU who reported outstanding earnings couldn’t hold its early session gap higher closed just above Wednesday close on extremely high volume. The action seen on Thursday is not typical of fresh new bull markets, normally you’d like to see price gains on greater and greater volume.
At 8:30amEST today Import Prices are to be released. In addition today is options expiry which should boost volume numbers. I still believe that we are headed lower. Trade carefully out there, you must be very quick to take losses and profits.
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