The market recovered from yet another sizable gap down. The resiliency was supported by strongly sloped cumulative tick and advance decline lines, and a falling VIX. Note that volume is just a touch ahead of yesterday's -- which is to say -- on the low side. Perhaps institutional desks are holding out for tomorrow's FOMC statement. On the volume side of life again, a curious misalignment for the day is down volume, which continues to outpace up volume in spite of the recovery.Although momentum "feels" stalled here, for now I am assuming another sideways/ positively biased trade for the second half. However, with volume as low as it is and with contradictory internals, certainly anything goes.
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2 comments:
WRT the volume anomaly, I have read elsewhere that the huge volume in low priced blue chips (C, BAC, WFC, etc) is distorting the up/down volume numbers. Kinda makes sense today with financials lagging.
Excellent comment, thanks Anon.
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