Online Stock Trading | On the back of earnings the NASDAQ logs another day of gains

On the back of earnings the NASDAQ logs another day of gains


Filed Under Market Commentary |

The NASDAQ logged another day of gains moving higher by .3%. Volume on the index fell along with the NYSE composite. On the downside, the NYSE composite logged a distribution day marking the 3rd distribution for the index over 4 weeks. Stocks paired any type of action infront of tomorrow’s GDP release. Tomorrows action will undoubtly be dominated by GDP and Personal Consumption data.

A tidbit that is worth noting here:

85% of the S&P 500 stocks are over their 50 day moving average. 85%!!! That is an amazing number.

I will be posting throughout the day tomorrow. Make sure to stop back in from time to time.

Aloha and happy trading,
MS

marketspeculator@gmail.com

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Comments

2 Responses to “On the back of earnings the NASDAQ logs another day of gains”

  1. John on April 27th, 2007 7:56 am

    Why do you say the NYSE logged a distribution day? Volume was only 1% higher on the NYSE.

  2. Market Speculator on April 27th, 2007 8:55 am

    Hi John,

    Definition of a distribution day states, the index has to be down more than .2% with volume higher than the previous day. So even if volume is one share higher it counts. Now we can debate how “significant” the distribution is…but it is still a distro day!

    Thanks for the question!

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