Online Stock Trading | Stocks run in place as volume soars higher

Stocks run in place as volume soars higher


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TXN earnings news could not prop up stocks for any length of time. Existing home sales dropped lower than expected causing some concern that the housing crisis has just begun, and trust me this is the tip of the iceburg. As stocks tried to find a direction they wanted to stay in volume soard higher. Put/Call ration ran above 1 for the entire day showing there are still bears out there. All in all, a boring day and stand still action.

Just adding some charts here. I feel like I am beating the same drum. However, there are a few winners out there. First off is the NASDAQ, the price/volume action looks much like a market churn. Running in place or if you look closely the action looks like railroad tracks.

NASDAQ_4-24-07.png

Second chart is ALGT, you saw my post I think it makes an excellent long candidate here.

ALGT_4-24-07.png

HLTH another strong fundamental performer however the chart looks to be extended here in the short term. I would like to see it form some sort of price consolidation, more of FLAT base variety.

HLTH_4-24-07.png

I can not believe the put/call is still above 1.00! This is bullish short-term to say the least. We still have bears out there, at some point they’ll give up and will setup the market for a decline.

73% of stocks are over their 200dma
66% of stocks are over their 50dma
Overall put/call from CBOE = 1.19

Margin debt reported by particpating NYSE firms ticked down slightly from all time highs in Feb. My gut feeling is that most pulled away from margin as the market slid for most of the month. I fully expect margin to hit another all time high here in April. We are setting up a classic, sell in May and go away scenerio.

Aloha and Happy Trading,
MS

marketspeculator@gmail.com

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