Friday, August 15, 2008

08.15.08 - Sideways Trade on Negative Tick

As the Nasdaq 100 continues its amazing strength, the markets are generally heading sideways on increasingly negative adjusted tick and declining new highs. But for what looks like increasingly isolated index participant strength (on the day) and lower oil AGAIN, I think we'd be lower all around today.

WEEKEND UPDATE: Anyone notice how low volume has been these last several days... anecdotal toppiness after a big leg up? Looks like Quantifiable Edges has put some numbers to it here. In spite of the healthy move up (including the Nas peircing its 200-day, which I haven't pointed out before), this still feels like a bear rally.

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