Stocks Get Bullish Action, but Volume Remains Below Average
August 29, 2008
Stocks stage a bullish rally on Thursday as volume crept higher than the previous day. The NYSE was finally able to retake its 50dma on higher volume. However, volume across the board was lower than its 50dma suggesting that large institutional support was absent from Thursday’s action. A bigger story on the day was the tremendous reversal of Crude Oil. Hurricane Gustov has its eye set for the Gulf, but Crude couldn’t sustain its bullish move. This is a clear sign the path of least resistance is to the downside. Overall the market had its first bullish tone since the beginning of the confirmed market rally. We’ll certainly need to see the market build upon this, but I am not overly optimistic it will occur.
Heading into the holiday weekend I expect trading to be light and probably will yield very little in terms of market direction. It should be a 1/2 day worth of trading but NYSE needs to make money. Enjoy the day and enjoy the Labor Day weekend! Be safe.
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Stocks Get Bullish Action, but Volume Remains Below Average
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