Online Stock Trading | Follow-Through

Follow-Through


Filed Under Market Commentary |

4:01pmEST Markets follow-through after taking a dive at the open.

The Nasdaq was able to pull off what seemed impossible this morning. Futures dove after a higher than expected Jobless Claims number. Traders sold index futures hard and by the open stocks were putting in the lows of the day. Steady buying throughout the day held a very strong intraday uptrend. However, just before the close the Nasdaq broke that trend. It fought hard to stay in follow-through territory.

GOOG just posted EPS of 4.43 missing analysts expectations of 4.45. Great growth, but missing estimates may hurt the stock.

This does not have a look or feel to a market bottom. With that said, we have a market follow-through and we are able to look for stocks to go long. My only issue is that I see very few stocks, if any at all. Tread carefully and look for powerful stocks with powerful earnings and sales growth!

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Comments

6 Responses to “Follow-Through”

  1. Gio on February 1st, 2008 2:46 pm

    Follow through or no follow through? You still on the fence huh.

    I always ask myself… how can we have a better year than last year when our economy is this hurt? I don’t think there’s enough fear in our market to reach new highs soon. All I see are broken charts, relief rallies, dip buying, and panic buying. Since when did that become the catalyst for a market reversal?

    -gio

  2. Market Speculator on February 1st, 2008 3:46 pm

    Hi Gio,

    Technically, it was a follow through. IBD did not call it one due to the lack of quality stocks setting up.

    This is pure hope/greed buying here. You are right GIO, there are a ton of stocks broken and charts are not pretty.

    I wouldn’t buy into today’s move either.

    Nice to see you around!

    MS

  3. gio on February 1st, 2008 6:14 pm

    I’m sortah around. I’m real busy this time of the year. What a tape!

    gio

  4. Market Speculator on February 2nd, 2008 7:35 am

    Oh yeah, this is your fun time of the year!!!

    Best of luck and stick around!!!!!

  5. Charlie Willey on February 2nd, 2008 10:31 am

    Where do you think we will see the number of new highs when we have an ‘honest to goodness’ follow through day you are confident with?

    - charlie

  6. Market Speculator on February 2nd, 2008 2:37 pm

    Hi Charlie,

    We’ll see the number very high…too tough to nail down an exact number but it will be north of 500.

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