Online Stock Trading | NASDAQ gets another round of huge accumulation, Dow and S&P 500 lag

NASDAQ gets another round of huge accumulation, Dow and S&P 500 lag


Filed Under Market Commentary |

Another round of accumulation for the stock market. Looks like we can attribute some gains to MORE M&A activity as well as some economic news. GDP Annualized did come in a bit light while Chicago Purchasing Managers report did come in higher than expected. All in all, we are starting to see price and volume volume on the NASDAQ move in step with each other.

Here are some useful stats:

AAIIBULL = 33.33
AAIIBEAR = 44.79

I can not believe the amount of Bears that are left in this market. Actually, I can as most are trying to “PICK” the ultimate top. When new highs are hit, you get traders who feel they are “SMARTER” than the market and will do their best to pick the top! Too bad, most have been wrong.

CBOE Total PUT/CALL = 0.91

Starting to see less and less bearish bets being placed on the market. At this current level of 0.91 we aren’t at extreme levels that would suggest we are headed for a fall. We still have room to run.

Stocks above their 200dma = 67.34%
Stocks above their 50dma = 60.51%

It was nice to see these numbers get hacked down from last Thursday’s trade. What last Thursday was knock down the inflated stocks and let the strong ones focus on consolidated nicely.

Bottom line: We still have room on the upside to go. The level of bearishness continues to tell us we can go higher and the bears will be left licking their wounds.

Aloha,
Market Speculator

PS - Don’t forget to “Cut your Losses”

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