I had a feeling that low volume rise we had wouldn’t end well. For whatever reason — the ISM report, taking 2004 profits — the sellers came out in full force today. The selling came on the highest volume of the last 10 days and created a distribution day. (There were distribution days on December 16 & 17.) The recent uptrends are still in tact though. The Nasdaq fell right back to that 2153 area that I’ve been watching for what seems like forever. I don’t see that there’s much to do here besides wait to see if it can bounce.
