Online Stock Trading | That loud noise was a collective snore from the peanut gallery, stocks have fury after Housing data while traders yawn into the close

That loud noise was a collective snore from the peanut gallery, stocks have fury after Housing data while traders yawn into the close


Filed Under Market Commentary |

Stocks awaited New Home sales this morning, a guage of the housing market. From the start stocks were flat to higher until just before 10am the housing report was least. Immediately a selloff incurred, showing how sensitive traders are to any potential slow down in any part of the economy. Only highlight for bulls was the Nasdaq closing higher at .27%.

This follow-through rally has been real interesting. I was amazed to see the Nasdaq to turn around late in the day to end positive. However, the week prior to 2/27 the market did this all week. Reversed early losses to gains. What is happening is the market is sucking in those who believe all dips can be bought. It gives the little guy a false sense of security! Some longs are working here but I would proceed with extreme caution. The overall market isn’t in a condition to start buying everything.

We’ll see how tomorrow progresses! I’ll be posting here again tomorrow.

Housekeeping notes: I have tried to clean up the restrictions on posting. This blog was receving spam and I believe we have found a fix. If you have tried to post a comment and found it difficult please email me!

Aloha and Happy trading
MS

marketspeculator@gmail.com

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