Online Stock Trading | NASDAQ Consolidates Nicely; Jobs Weren’t as Bas as Expected

NASDAQ Consolidates Nicely; Jobs Weren’t as Bas as Expected


Filed Under Market Commentary |

What a great day for Stocks to take a breathier after Thursday’s session of accumulation. Shorts continue to pile on as the indexes cruise higher. Although volume has been on the lighter side, we have seen a decent amount of accumulation. For the past two Thursday’s we have seen excellent accumulation and decent follow-through. Many market pundits, especially those at Real Money are allowing their opinions overshadow their actions in the market. They are not keeping it simple and clearly aren’t objective looking at price and volume action.

New highs outpaced new lows; 138 to 78. For a day of consolidation this is the type of action you want to see in a new uptrend. Even advancing issue volume outpaced the declining volume. Remember, NYSE short interest ratio continues to stay at 5 year highs. The current reading of 12.58% and adding in improving internals make price and volume look even that much better.

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Comments

One Response to “NASDAQ Consolidates Nicely; Jobs Weren’t as Bas as Expected”

  1. John Bougearel on May 5th, 2008 9:53 am

    MS,

    nice work identifying the record short position ~

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