Tuesday, August 12, 2008

08.12.08 - Mixed Market

Most indices/sectors are seeing mild selling pressure after two days of strong gains. However, Large-Cap Tech (QQQQ +0.46%) as led by the Semiconductors (SMH +0.53%), Energy (XLE +0.21%) and Consumer Staples (XLP +0.38%) still show a bid. Adjusted Tick is getting worse, however, and with Tech technically overbought and Financials (XLF -2.78%) leading the way down, I'd be careful with new long positions. Lastly, note that the Dow did find support at its rising five-day moving average.


10:45AM PST UPDATE: Volume is light again (again predicting less than 200K SPY shares) and the market is hanging in there [edit: BUT - VWAP and Adjusted Tick still negative!].

Blog to Read: Quantifiable Edges/ Two Day Gains

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