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Monday, January 10, 2011

Monday, After the Close!!!

Spain did close under the trendline today, next step is making a lower low at 9203.40.
That turned into a wasted day on Wall Street, most Indexes ended flat on the day, the Nasdaq 100 NDX being the exception, closing up 0.43% and making a new high. Not much changed today, the bears cannot get it together enough to push the market pass the breaking point and start creating lower lows with increasing numbers of Breadth and Volume, leaving the trend still bullish. The squiggles continue to be a complex mess of corrective waves that are keeping the 4? wave on the table.
This really sums up the day, Breadth closing at 1.05:1, advancers on lower volume then we saw last week, coming in at only 953M shares traded on the NYSE. Boring, and uneventful.
Europe did not fare as well, with Spain's IBEX down 1.29% and Italy's MIB down 2.36%. Please see my week-end post on these two Indexes, I believe they are very important to our own Indexes in the near-term future. Stockcharts should have their charts updated in the next couple of hours, and I will post these ASAP.
There were two changes on the Trend Finder II today.
How Soon Will Volatility Return to the Stock Market?

2 comments:

  1. Pretty much sums it up.
    Wasted days and ....
    Critical point for bear IMO

    ReplyDelete
  2. The Fed's QE2 Traders Exposed
    http://www.nytimes.com/2011/01/11/business/economy/11fed.html?_r=1&hp

    ReplyDelete