Monday, January 18, 2010
Possibly something more serious
A number of stocks sold off on high volume Friday. A more serious correction may be in order, considering that the market has made a spectacular run since the lows last March.
This is not incompatible with a possible bounce tomorrow.
Here's a chart of the Nasdaq with the latest signals. The Climax High a few days ago lead to a quick drop, then a retest of the high, and then Friday it got hammered. Monday's data is a repeat of Friday's, since the markets were closed. Unfortunately the volume data has dropped out again for the Nasdaq. It does that from time to time. Still no good explanation from our data vendor. But trading volume was up sharply across the market.
This is not incompatible with a possible bounce tomorrow.
Here's a chart of the Nasdaq with the latest signals. The Climax High a few days ago lead to a quick drop, then a retest of the high, and then Friday it got hammered. Monday's data is a repeat of Friday's, since the markets were closed. Unfortunately the volume data has dropped out again for the Nasdaq. It does that from time to time. Still no good explanation from our data vendor. But trading volume was up sharply across the market.
// posted by gigascanner @ 6:01 PM 
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