Where Is the Love?
For the second straight day, we opened strong and finished weak. We had gains, but they all occurred overnight. The intraday action was poor, but breadth was still healthy at better than 3:1 positive due to gains at the open. Volume was light with little energy, few leaders and no outstanding momentum.
The S&P 500 and Nasdaq are up more than 8.5% in the last six days. That is an extremely rare feat to move that much that quickly, but the lack of love for this market is striking. It was obvious that few were prepared for the first big pop, but after four big gap-up opens in six days we should be seeing strong emotions and bullish celebrations. There is very little frothiness outside of the action in the indices. The irony is that the dour sentiment is what's keeping conditions ripe for continued lopsided action....168 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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