Wall St. is on vacation, volume slides off a cliff while stocks slide lower
Filed Under Market Commentary |
Stocks slid on the day as volume subsided across the board. Not much to today’s action, the CBOE put/call ratio remained above 1.0 signalling that bearish bets continued to outpace bullish bets. It is not surprising we continue to see bears adding to their bearish bets. At this point in the game I can not wholeheartily disagree with a bear about the current market situation. I just wouldn’t act on it yet. Again, we are still looking for a follow-through day in the market and until then I will continue to be sitting in cash.
Take a breather and weather this weak market.
Market Speculator
Last 5 posts in Market Commentary
- Resistance is Proving to be Too Great for Major Indexes - August 19th, 2008
- Stocks Reversed from Highs in Lackluster Trade - August 16th, 2008
- Low Volume Rally as NASDAQ Retakes a Key Moving Average - August 15th, 2008
- We Are Severely Overbought and the Global Slowdown is Beginning to Show its Face - August 13th, 2008
- Proceeding With Caution, This Market is Shaky at Best - August 12th, 2008
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