I just knew I was going to see a lot of shorts in my scans tonight. There were lots of shooting star(ish) candles made today but to my surprise I saw very little that I'd feel comfortable shorting. So many stocks just look like they're taking a needed rest. In addition, the indices are perched atop what should now be support. So while I'd love to try to nail a top here I'll at least have to wait until the broader market shows some significant weakness by at least slipping back into the early August trading ranges.
No changes
| Trend | Nasdaq | S&P 500 | Russell 2000 |
|---|---|---|---|
| Long-Term | Up | Up | Up |
| Intermediate | Up | Up | Up |
| Short-term | Up | Up | Up |
(+) Indicates an upward reclassification today
(-) Indicates a downward reclassification today
Lat Indicates a Lateral trend
*** I'm simply using the indices' relations to their 200, 50 and 10-day moving averages to tell me the long, intermediate and short-term trends, respectively.
Trader Mike...can you please explain why the volume is so high in Citi Group? I am trying to understand it but point black nothing is reported about it clearly. Also this would cover why Fannie and Freddie are so high as well. With that said, this volume is accounting for 34% of the entire amount of trades taking place on the NYSE. Therefore, the "decent volume" you may be talking about could be a "farse" because of this outrageous trading volume...Also...can you or would you go into AIG...did you see this at all..10k invested in AIG would have made a trader over 2 million dollars since the mess...Looking back at the charts is there a clear indicator that said AIG looks like a good place to be? etc...
I don't know what's up with the volume in those stocks. It's certainly skewing the NYSE total volume but note that my volume comment was about the Nasdaq, which doesn't include any of those wacky stocks.
I don't see any *clear* indicators that AIG would have bounced back like it has. There were certainly some bullish reversal candles at the March low but you can find them in other spots too that were violated.