Online Stock Trading | Thursday’s Trade Does Nothing to Change the Current Market Environment

Thursday’s Trade Does Nothing to Change the Current Market Environment


Filed Under Market Commentary |

Another price advance on low volume, this story keeps repeating itself.  What is there to add to what I’ve already said.  Can’t think of much that the Bears move here has come quite obvious.  Rather than repeat what I said yesterday, go ahead and read it here.

Here a few statistics:

New Highs:  141
New Lows:  164
Stocks above 50dma:  38.47%
Stocks above 200dma:  35.59%
Advance/Decline:  Near flat, slight edge goes to Advancers.
CBOE total put/call:  1.01

There is nothing dramatic about the numbers above and there is not much you can deduct from them.  The FOMC meeting coming on Tuesday has essentially removed big sellers from the market.  They are afraid of what a 50+bp cut would do to the equity markets.  I wouldn’t be surprised if we see a deeper cut on the discount rate on top of whatever rate cut or not on the Target Rate. 

Bottom line:  With stocks like BIDU, RIMM, AAPL, GOOG all either making new highs or holding support this market will not roll over completely. 

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