Inside Day For Stocks
Today most of the major indices had inside days. The S&P 500 and NASDAQ are above their 50 day moving averages while the Dow is still below it's 50 day. Other than that, I have nothing new to add about the market except that the stock action was awful today if you were day trading. Strong stocks moved lower as the market moved higher and the weak stocks rallied when the market sold off. That's the kind of action I saw today in just about every group except for the oil stocks. Oil stocks acted well all day long.
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1 comment:
The DOW theory recommends using 5-day average instead of current price to ignore minor blips.
On 5-day average scale ALL indexes are still below 50 day line.
And after crappy new home sales next week they will stay firmly below 50-day.
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