Stocks Finish the Week Lower, Volume Mixed
Posted on May 11, 2008
Filed Under Market Speculator |
Crude oil once again stole the media headlines away from anything that is meaningful to someone like me. All you see now is how Crude Oil is sky high and how it will destroy this economy. The media does a tremendous job of instilling fear into its viewers. This shows, the latest CNN poll has 80% of Americans thinking we are in a recession. The only issue is GDP growth hasn’t seen back to back quarters of negative growth. Let alone GDP growth hasn’t been negative since the recession in ‘01. Although max fear should be in the market, brought out by pure price and volume action we haven’t seen a tremendous amount of distribution in this market.
Rallies fail when Institutional players sell, period. At the moment although they are not buying stocks in large quantities they have yet to sell them off. The lack of either places us, market players into a precarious position. Many are now trying to anticipate a move to the downside. Many over at Real Money.com even blogger Chris Perruna are calling for a large decline. James “Rev Shark” Deporre is calling for a turn for March lows. I am still not seeing the large amount of distribution to really sound the alarm for further downside. Remember, never short a dull market.
Look out for my post later today at Trading Goddess’ blog. I will be profiling a quality growth stock that I believe will begin to move.
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