- The Paris Hilton effect. Buoyed by the release of Paris from captivity the sullen market woke up and rallied.
- Volume however was lacking.
The The major indexes started the day lower, plunging at the opening bell.But a rally among tech stocks led a turnaround for the Nasdaq.
However only 167 stocks were up 4% or more in Market Monitor universe. Weak selling and weak buying has been the characteristics of this market for many days now.
The month end and quarter end effect should keep the momentum going for few weeks.
But under the surface some leaders continue to get in to trouble. e.g. CROX and TNH
- Keep a close eye on the homebuilders. A bounce from this level is free money. As Trading Goddess says look at the volume on CTX.
- Stocks up 50% or more in a month has reached 3, which often signals a sustainable few weeks bounce zone.