November 29, 2006 Stock Market Recap

What a strange day this was. There was something for everybody today if you looked hard enough. The internals were very strong today — the NYSE A/D line was about 4 to 1 most of the day and $TICK seemed like it stayed over 1,000:

The programs were working in full force today. Makes me wonder if *somebody* is propping the market up for month-end (and quarter & year end).

Yet somehow my QQQQ gap fade paid off again. I was close to throwing in the towel before my stop got hit at 44.22 but luckily I decided to just “let it ride”.

On the daily charts it may look like the market just went straight up today but there was plenty of churn under the covers. Still, the result of the day was an impressive gain for the S&P 500, which almost erased all of Monday’s losses:

The Nasdaq was a tad bit weaker on a percentage basis and didn’t make up as much of Monday’s losses as the S&P did:

And here’s the proxy for the Russell 2000:

Trend Table

I’ve switched the S&P’s short term trend to “up” since it climbed back above its 10-day moving average.

Trend Nasdaq S&P 500 Russell 2000
Primary Up Up Up
Intermediate Up Up Up
Short-term Down Up(+) Down

(+) Indicates an upward reclassification today
(-) Indicates a downward reclassification today
Lat Indicates a Lateral trend


  1. Posted by Henrietta on November 30, 2006 at 2:54 am

    Yes, it was one odd day, for a while, I was seriously thinking that it was a bull trap. Great job with the qqqq fade \:d/