I had a nice day today in my swing trading. Only my single put was stopped out and my other longs did very nicely today.
ArizonaChartist
· 2 years ago
I dunno, Corey. The points put up today by the indexes were sure impressive. But the internals were not what I would expect given the point gains. NYSE was 2.6 to 1 advancers to decliner and 7 to 1 up volume versus down volume with similar ratios on the Nasdaq. In addition, total volume on the NYSE was well below 2 billion shares.
If you would have told me this morning that the Dow, Nasdaq and S&P would be up 280 points, 50 points and 29 points, respectively, to all time highs today I would have expected more like 4:1 advancers vs decliners on each exchange and 10:1 up vs down volume plus more than 2 billion shares traded.
Bullish percentage charts remain in O's for both the NYSE and OTC markets so I think supply still deserves the benefit of the doubt, today's point gains notwithstanding.
steph
· 2 years ago
the russell 2000, although not a huge gain from its previous high DID break its all time high, if only by .09 of a point. noteably the russell 1000 large cap index also broke a record.
Corey
· 2 years ago
ArizonaChartist,
Indeed internals were not as impressive as they could be, and that calls into question part of the action, yet the price activity - from an intraday standpoint - was quite impressive for the buyers. I might have gotten a bit excited by using the terms 'rout' and 'overwhelming,' but on the surface, this appears to be the story. Deeper behind the scenes, indeed that is not the case. Today's action, so far, has been a bit lackluster which is often expected after a large standard deviation move.
I would have been in absolute doubt had someone told me what was about to happen yesterday before the market opened, but seeing is believing. It's days like this which get us excited about trading!
Corey
· 2 years ago
Steph,
The 855 level has been troublesome for the Russell 2000, as it has yet to close definitively above that level. There was an intraday spike above that level on June 4th, yet it failed to close at this level. That was the intraday all-time high. The Russell failed to reach that indraday level yesterday and is setting up (and possibly confirming) a rangebound zone. I would have liked for it to have soared to all time highs significantly above the recent consolidation zone. I was teasing when I called the Russell a "daily laggard" but from a technical pattern in relation to the other indexes, that's what happened to it. I would like to see the small cap stocks a bit higher in price than they are right now, but we can't get everything we want. Thank you for the comment!
All Comments
If you would have told me this morning that the Dow, Nasdaq and S&P would be up 280 points, 50 points and 29 points, respectively, to all time highs today I would have expected more like 4:1 advancers vs decliners on each exchange and 10:1 up vs down volume plus more than 2 billion shares traded.
Bullish percentage charts remain in O's for both the NYSE and OTC markets so I think supply still deserves the benefit of the doubt, today's point gains notwithstanding.
Indeed internals were not as impressive as they could be, and that calls into question part of the action, yet the price activity - from an intraday standpoint - was quite impressive for the buyers. I might have gotten a bit excited by using the terms 'rout' and 'overwhelming,' but on the surface, this appears to be the story. Deeper behind the scenes, indeed that is not the case. Today's action, so far, has been a bit lackluster which is often expected after a large standard deviation move.
I would have been in absolute doubt had someone told me what was about to happen yesterday before the market opened, but seeing is believing. It's days like this which get us excited about trading!
The 855 level has been troublesome for the Russell 2000, as it has yet to close definitively above that level. There was an intraday spike above that level on June 4th, yet it failed to close at this level. That was the intraday all-time high. The Russell failed to reach that indraday level yesterday and is setting up (and possibly confirming) a rangebound zone. I would have liked for it to have soared to all time highs significantly above the recent consolidation zone. I was teasing when I called the Russell a "daily laggard" but from a technical pattern in relation to the other indexes, that's what happened to it. I would like to see the small cap stocks a bit higher in price than they are right now, but we can't get everything we want.
Thank you for the comment!