For a change positive day | stockbee


For a change positive day

  • Index end positive for a change. HPQ earnings triggered a turnaround in futures and after a sideways day the Index managed to end positive on high volume. If you look at the positive days on Index, they have been on high volume. Negative days on low volume.
  • However if you look at Market Monitor breakout ratio it is at 251/608. So selling was dominating.
  • At this stage the market lacks a catalyst to get moving in either direction. Currently we have a lame duck govt. The TARP experiment has been halted till next admin comes in. There is now bailout fatigue and frankly everyone is asking for it. Non bank companies are buying banks to getpart of money.
  • But typically week leading in to Thanksgiving holiday tend to be bullish. So we might have another attempt at one or 2 day bounce.

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