{+++}What a crazy day. Bipolar market behavior that played like I thought it might in this mornings post. Herky jerky behavior where everyone was afraid to blink first. When they finally did blink, the girations were wicked and made for some phenomenal trading.
The day started out with a move down. They rallied back to resistance, failed and rolled over to new lows, and then bounced again and made lower highs and then hit the session lows by mid-morning at around 1321 NDX and 835 SPX. That was followed by a steady rise back up toward the highs, a pullback mid-day that looked bullish in terms being of a corrective pullback, and then a rally to new highs on the SPX but failing to do so on the NDX. That brought a late afternoon sell-off, but they turned it around with a half hour to go and spiked them back up again. So quite the schizoid/paranoid market today. The technicals were positive by about 3 to 2 on advance-declines were on New York and 2 to 1 on up volume over down volume, on total volume of less than 1.6 billion. Nasdaq had a more than 600 negative plurality of decliners over advancers, but up/down volume managed to stay about 7 to 5 positive on total volume over 2.4 billion.
Tomorrow is Friday and we will have some input on the banks. It has become a headline market and the fundamentals don’t matter here, at least for now, and good old fashioned intra- day fear and greed are in charge. I’ll post in the morning. Hope you guys had a great day. If your a new member and would like to leave a comment, please sign up for Disqus on the blog. More to come and I’m working on getting some video up soon.
