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I just wanted to send a quick note.
About a month or so ago when Intel came out with poor earnings I was
looking at a correction. It didn't happen. So you can shoot the
messenger but not the method. After that event market breadth snapped
back into acceptable levels.
Now I am seeing that the New highs - new lows has trended lower on the
NYSE since March 20th. About a week later the Up/ Down Volume ratio
began to show slowing momentum. However total volume has picked up.
Although the final confirmation is a channel break on the DJIA, I do see
that the exchange is showing some market breadth weakness. Of course
some news event could turn the broader market higher, but to me the
possibility of a correction is becoming more and more apparent.
The NASDAQ has a very similar condition but is not as pronounced.
Which leads me too a pet peeve.
I don't know how many of you follow the Forex futures trading for the S
& P 500, S & P mini and the NASD 100. The overall market will take it's
cue from the futures trading. My pet peeve is that there can be a small
number of contracts traded in the overnight markets that can move the
NASD 100 substantially. Of course when the day session begins they can
always go in a different direction. But to me over the last month I
thought it was a bit fishy that when you would expect the futures to be
trading down they were actually trading up on extremely light volume as
compared to the day session. It seemed like a very inexpensive way to
influence the market direction. Just a pet peeve.
Time to hit the sack.
Harley
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