Stocks Finish Higher Across The Board But Suffer A Late-Day Selloff; Lower Volume Shows Institutions Are Not Interested

March 9, 2007

My girlfriends parents arrived on Maui, today, so I spent all day with the family. Therefore, I was not around at all after the closing bell.

However, I have reviewed my charts and can honestly say that nothing has changed. The gap up this morning and steady drift all day gave way to a selloff sometime after 2pm EST. That was a pretty nasty selloff and that has now happened for the third day in a row. Combine that with the lower volume and you have another technical negative. This bounce should see some volume if it is going to have any staying power.

Tomorrow is the first day we can have a follow through. We are looking for the markets to rally 1.7% on higher volume either Friday or sometime in the next seven to ten days. If we get a distro day or we undercut the lows, this rally can be called off.

Also, if you look, I only had one long. And if you are a gold member you will notice the “stocks on radar screen” has a very small amount of stocks on it. This would not be the case if this was a proper bottom. There are very few SGIC TESOF LPSN INXI charts out there. The pretty colorful green charts are not there yet.

Sorry for the lack of writing. But I have to make a good impression on the family. Everything will be back to normal this weekend. I will have a full Friday market analysis. Also if you keep checking back, I will have the analysis of the longs and shorts updated sometime in the future. Probably tomorrow morning.

Aloha and I will see you in the chat room.

Last 5 posts in Free Commentary

Posted by Joshua Hayes | Filed Under Free Commentary 

Comments

RSS feed | Trackback URI

Comments »

No comments yet.

Name (required)
E-mail (required - never shown publicly)
URI
Subscribe to comments via email
Your Comment (smaller size | larger size)
You may use <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <strike> <strong> in your comment.

Categories


    Past Big Winners Longs
    Listed By Year


Members Forums

Popular Tags

StraightStocks Authorized Contributor Best Way to Invest ExpertSeeking Alpha Certified FeedTheBull - Top Stock market and Finance SitesTIMlinks
Disclaimer: Big Wave Trading and all services provided herein are for educational purposes only. Nothing contained within this Web site should be interpreted as a recommendation to purchase, sell or hold a security. All visitors and subscribers should always do further research before making a final investment decision. All subscribers must read and agree to the terms and conditions within Big Wave Trading.com. Any questions or comments may be directed to admin (at) bigwavetrading.com.