Big Day, Big Yawn
In the last couple of years I've often commented about how big upside movement in the market seems to generate very little excitement. We had a good example today with the indices seeing one of their biggest gains of the year. But market players demonstrated limited interest, producing anemic volume. On both the NYSE and the Nasdaq, volume was lighter today than yesterday, so we don't even have a technical accumulation day.
Movement like we have today seems to come out of the blue, and is accentuated to a large extent by computerized trading, which keeps grinding away and keeps the prevailing intraday trend going. Apple (AAPL) is a particularly good illustration. Yesterday there was no stopping the downtrend as the stock sold off all day and then accelerated even lower at the close. Today was exactly the opposite, with the stock picking up steam as the day wound down....206 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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