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Would like to share this one last bit pre 4th perspective on Friday's market
behavior. Some years back I studied some of Marc Clemons work. One of his
favorite views was that of the issue and volume numbers. He classified the
strength relationships of up and down issues and their trend inducing
characteristics on price. 1200 and 1500 levels seem to be appropriate
today. Every morning there is a rush by the adv or decl to reach the 1200
to 1500 zone. The first fifteen minutes to half hour can give a clue for
the rest of the morning and sometimes the day. Like this morning the up
issues won the half hour race down issues remained below 1200 until late in
the day. Also as the spread between upvol and dvik began to narrow price
began peaked out and gave back its earlier gains. With both adv and decl
confined between 1200 and 1500 you have a no trend condition.
Have a good one,
BobR
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