Too Little, Too Late
Nice rally today, but the market still finished lower for the week. The SPX fell -1.26%, while the NDX was down slightly less at -0.96%.
The positive thing about the price action today was that the indexes closed above Wednesdays highs, showing some strength. Upside volume was 93% of total volume on the NYSE. Also, the Nasdaq was able to recapture its 200-day moving average.
But alas, as today is a half day with very light volume, I would not try to glean too much from it. Next week we should get a better idea if the market is ready to stage a bounce.
Brokers led the way today, +3.95%. Energy stocks also fared well. Small-caps led the indexes, with the Russell 2000 gaining +1.99%. And GOOG is back above $675. I read an article today where an analyst was talking about GOOG at $1200 in 2009. Lotta time still left, buddy.
I have mentioned the Yen as public enemy #1. Watch that one closely. Another indicator I am eyeing is the VIX. It has made a 3rd lower high, like it did in August. A move lower in the volatility index would also bode well for a tradeable rally.