What was supposed to be a “big day” for the stock market turned out to be business as usual on Wall Street… meaning the business of profit taking and sector rotation. While many bears are cheering what appears to be the beginnings of a “sell the news” event (especially on the Nasdaq), big institutions are just not selling, as declining volume and internals failed to gain any real traction throughout the session (HG ended the day at a COOL zero).
In fact, SPY was closer to accumulation than distribution in terms of volume. So behind the illusion of price (remember this is a volume blog after all), when the pumper-in-chief talks, some folks are indeed listening. Despite the sudden rise in volatility, Next Day Move: SIDEWAYS has been spot on the last couple of days, and it looks like more consolidation is in store for the days ahead… at least until the next big day (the November jobs report) on Friday. -MD
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