Thursday, April 13, 2006

Saved For The Holidays

The market opened like it might resume its recent selloff, but was "saved" by the end of the day. Volume over the last 2 days has run well below average, so we will have to wait until next week to see whether the bulls or bears are currently in the drivers seat.

Breadth ran negative today on the NYSE, and the Hi/Lo index worsened to -102. That's the lowest reading since November 2005.

One intersting development was the ISE Sentiment Index, which made a new 52-week low today. That means that retail options traders are buying very few bullish call options. This is an indication that sentiment among individuals is already very skeptical, and this should serve to limit the damage from any further selloff.

Enjoy the day off from the markets tommorrow--


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