Roller Coaster Ride for Stocks Keeps the Lid on an Expected Rally
November 16, 2008
The stock market did a fabulous job keeping traders, investors, and speculators on their toes Friday. Stocks whipped around those who were watching intraday as volume fell off a cliff. Volume on the day was well under Thursday’s session as institutions weren’t in full force buying up stocks. The day’s action put a damper on those who were looking for stocks to rally. Although the day wasn’t a pretty one, it was a day of consolidating Thursday’s gains on lighter volume. It will be most important to see the market NOT suffer distribution prior to a confirmation day. At the moment it appears that many are not believing in this rally and are expecting it to fail. We shall see, but I do see this time having a better chance of sustainability. We do have one key componenet missing; New Highs. The lack of new highs is troubling, we want to see socks breaking out into fresh new high territories to have a significant rally. As of now we have yet to see this. There should still be caution in the wind as there are many hurdles for this market to climb. Its best to wait for a confirmation rally and subsequent stocks breaking out of key pivot points. Cut losses short as this environment will be quite bumpy for quite awhile.Market SpeculatorNo Positions
Roller Coaster Ride for Stocks Keeps the Lid on an Expected Rally
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