I am NOT at all impressed with today’s bounce. Even though I mentioned yesterday I was making selective buys, I suspect today’s rally does not mean the end of the downward action.
As of 3:00 pm, internals are only fair, with the OTC advance/decline at a mere 16/14, and up/down volume barely over 2 to 1. Over at the NYSE, A/D is 17/15. while the up/down volume is even less impressive at 7 to 5.
With an hour to go, the volume is completely unimpressive — under Billion shares (814m) on the Nazz and barely 1.23 on the NYSE.
What would make me more impressed with today’s bounce? Broader participation, a significant volume thrust, and much much stronger volume.
Even if we do not see a late day sell-off, my takeway is that today’s move is simply not all that significant . . .
A bounce on deteriorating breadth just made this market a bit harder to read. I’d like to see the 10-day NH/NL oscillator head decisively below 0.80 before I declare this sucker’s rally dead.
Nice site, Barry. So few places on the web that follow the broader market, denigrate golf, worship a good cup of joe, and throw in the odd astronomical factoid for good measure!