I do not need to be a stickler on the details, but it was a nice session overall if you were bullish coming in to today’s session. If you were just looking to get long for the first time today, that might have been a bit scary but as you can see the right way is the up way for now.
The Nasdaq managed to rally on higher volume but volume was still well below average which indicates to me that the market could turn at any moment on higher volume. Until that actually happens, however, I don’t think it is wise to bet against this market. Especially if we are talking China stocks. They are clearly the leaders and were once again today with some of our Chinese stocks making some big gains in biggest trade.
I assume there is more to go into this run as many people have clearly given up and have gone away quietly this could indicate the smart money was buying despite the fears that remain in this market.
As always, I continue to believe it is best to stay with a trend. That trend is still up, since the March lows, and while volume isn’t wonderful it was at least higher on the Nasdaq. Great luck everyone and stay with the trend and don’t get too cocky. We have had some big winners and I would rather lock in gains than buy new heavy stock. I would like a pullback.
Aloha!
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