It’s great having a little follow through from yesterday’s big up day. The big concern was if yesterday’s move was just a one day event, or if it would be the beginning to the market pushing through to higher levels.
So far today, we are seeing a nice little continuation to the up momentum, not very strong, but enough to keep optimism going, but on disappointing low volume. Volume is low in buying and selling, with no clear direction in either way.
It’s nice having strong banks leading the way in today’s trading, with a tech giant Apple, the leader of all stocks right now leading tech. Many things in the market are being pulled along, a really good sign.
Volume is hugely disappointing. The upside volume wasn’t as much as it could have been, but the downside volumes were equally as light too. It’s hard to make a big deal one way or the other.
It’s very disappointing that the total equity market volume has been on a down trend and not stabilizing and improving at all.
Low volume may be due to competition in many different products, but also shows that there is lots of money on the sidelines. If and when there is desire for investors to get back into equities happens, it could be a monster move.
We had been expecting a pullback in the market after its constant rise, and the 200 point pullback recently, was less than expected. We’ve spent so much time trying to punch through 1370, and as I write this (8:15am) we’re almost 30 points higher than that, we may be seeing a sign, that if you’re on the sidelines, it may be time to get in to prevent missing out.
Bruce Cortez
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Excellent comments
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