Hip Hip -- Oy Vey!
Of course, the news media is celebrating the fact that the indices kicked off 2012 with a good-sized gain. But for those of us who actually trade the action, it really isn't fantastic at all. Following the gap up to start the day, we traded poorly and closed at the low. All the gains came overnight, and there was no intraday momentum to be found.
Breath was quite good and all major sectors were in the green, but volume was light and few, if any stocks, closed at their highs. It's the same action that has frustrated traders for months because all the movement occurs overnight. Pure day traders, who aren't carrying any inventory, had few chances to match the gains of the indices. ...136 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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