‘Twas the day after Christmas on Wall Street… And it was indeed a quiet one. Overall volume fell once again for the second consecutive day. This time, however, after the morning gap down, up-volume dominated the session (HG was CHILLY compared to last Friday’s BALMY). So there may very well be some stirring beneath the surface, even though it seems like most of the big players have settled in for a long winter’s nap.
Even with Apple leading the slide in tech, volume-wise we’re much closer to consolidation than to anything resembling distribution. On one hand, the die-hard bulls are still cheering for a possible SPY 270 to finish the year. Meanwhile, the crash calling bears have their sights set on no less than 10 points in the other direction. What seems the more likely outcome (and also the most frustrating), is a slow and “quiet as a mouse” correction of time, leaving us pretty much right where we are until the January reports start rolling in. -MD
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