Trader's Daily Notebook: Standoff Between Buyers and Sellers

Sellers failed to take control of Thursday's auction, but by no means should we take that to mean buyers scored a significant victory. For the day, we saw the PowerShares QQQ Trust (QQQ) and SPDR Dow Jones Industrial Average ETF (DIA) close just above the flat line, the SPDR S&P 500 Trust (SPY) bounce roughly 0.3% higher, and the iShares Russell 2000 Index ETF (IWM) close nearly 1% higher. Aside from the IWM, which traded nearly 19% more than its one-month average volume, all other ETFs finished beneath their monthly volume averages. 

iShares Russell 2000 Index ETF (IWM) -- Daily
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Those who traded on Thursday likely already know about the Russell's outperformance. After a very brief probe beneath Wednesday's lows, the IWM chopped around its developing volume weighted average price (VWAP) for 90 minutes before finally bursting above its opening print around 11:15 a.m. ET (see chart above). Those of us who expected sellers to take a more determined stand were obviously left shaking our heads, as the ETF never traded back through its VWAP or opening print after the late-morning break. ...482 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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