The indices recouped a small portion of yesterday’s losses in a second day of very high volume trading. This morning I mentioned that the indices were stretched so far beneath their lower Bollinger Bands. That’s a sign of a lot of weakness and an oversold condition — both conditions could continue longer than bulls would [...]
Posted by 28 February 2007
Feel of the Market this Morning
Briefing.com just posted a note about how the market feels this morning: Floor Talk: Feel of the market Probably the best word to describe this morning’s opening rebound was “tentative.” For months now it seems that everyone had expected the market to correct, only for it to keep marching higher; however, while yesterday’s sell-off wasn’t completely [...]
Posted by 28 February 2007
Watchlist for February 28, 2007
So now what after the big drop yesterday. Doc Brett did his usual statistical thing to show what typically happens after a high momentum decline. His conclusion is that “we tend to see follow through to the downside over the short term.” I certainly won’t argue with that. Given how high margin debt levels had [...]
Posted by 28 February 2007
A Record Day in More Ways than One
We all know about the record volume on some exchanges yesterday. And I heard that the jump in the VIX was a record move as well. Clearly the market got people’s attention yesterday. But I have another stat — this site had a record traffic day yesterday. Usually my traffic peaks around 10 AM and [...]
Posted by 27 February 2007
Feb. 27, 2007 Stock Market Recap
Just an absolute crushing today. The greater than 3% selloff was on huge volume which caused all kinds of technical glitches at the NYSE. I’m hearing that many traders still have orders stuck in the system as of 5:30. That can’t be good for confidence in the market — which reminds me that I need [...]
