Monday, October 20, 2008

NASDAQ Technical Picture - Low Volume, Inside Day

Today's higher close was courtesy of energy, commodities and gold. Tech lagged the broader markets and the TSX +7.2% outperformed. The lack of volume is a big concern. Keep an eye on the intraday trendline.




3 comments:

yr said...

Jamie,
Do u think we've at least put in a ST bottom?

Jamie said...

YR,

Yes, but the market is extremely wounded and fragile. All my trades are on the long side and holding small positions overnight in retirement account, but the lack of volume is a big worry.

I read somewhere that mutual funds are putting most of their money to work in last hour and half of trading session. I noticed that on Thursday and again today.

Jamie said...

YR,

Correction, I had one short ABX on Friday,and I am short futures right now in after hours trade. But the bigger money is being made on the long side.