Online Stock Trading | Indexes break trend head higher, but volume heads south

Indexes break trend head higher, but volume heads south


Filed Under Market Commentary |

Lackluster day for stocks.  CPI, a measure of consumer prices came in higher than expectations.  Stocks acted positively, Fed Funds futures were pricing a more than 100% chance of a Fed hike in late June.  The Dow ended higher 1.03%, Nasdaq breaking an 8 day losing streak ended higher .65%, S&P500 ended higher .52%, Russell 2k ended higher .65%. 
 
Around 3pm stocks seemed to be trending down, looking to finish lower.  A buying surge came in the last half hour of trading, but volume was left behind.  What is very troubling to be is that the Dow Jones Industrial average is leading the way.  The Dow was the only indices to manage more than a 1% gain on the day.  On top of that, volume came in a few percentage points lower than previous trading session.  CANSLIM stocks remain only 50% active in the market fueling my suspicion of any attempted rally here. 
 
Today’s action again reiterates the fact that investors should be in cash and should remain there until we get new market leadership from young new companies.
 
Please see www.investors.com for future market comments
 
Enjoy
 
MktSpec

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Comments

2 Responses to “Indexes break trend head higher, but volume heads south”

  1. Y.Y. on June 15th, 2006 4:06 pm

    well the market exploded today on BIG volume watch your shorts

  2. Market Speculator on June 15th, 2006 7:22 pm

    Thanks YY

    I wasn’t around to watch today’s session…I will update tomorrow morning!

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