The volume pace slowed during the afternoon, so the NASDAQ didn’t make a new record volume day for the year. NASDAQ volume was still heavy though. Interestingly, the other indices haven’t had the same volume surge as the NASDAQ. So far this week the indices are basically flat – NASDAQ up 0.26%, S&P 500 down 0.05%, Dow down 0.26%. At the risk of sounding like a broken record, I think the high volume churning on the NASDAQ is a sign of distribution. Clearly some sellers have stepped up to the plate if all that volume has barely moved the NASDAQ. Regardless, the market is doing a great job of holding its gains of the last month.
Points of interest:
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The NASDAQ slipped back under its December high of 1,521, but it’s managing to hang in above 1,500.
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The dollar started to rebound against the Euro.
