terça-feira, 5 de agosto de 2008

August 5, 2008 Stock Market Recap

August 5, 2008 Stock Market Recap

The victory for the bulls isn’t as major as it might seem based on the almost 3% gains in the indices. Today’s rally did nothing but bring the indices back near the tops of their recent trading ranges — right where they were four session ago. The bulls still need to break the July highs to really start making some progress. I know volume was likely skewed by folks staying on the sidelines ahead of the Fed decision but I still would have liked to have seen more volume to go along with the kind of percentage gains we had today. I really think we’ll need more volume in order to sucessfully break out above the July highs.

Trend Table

More whiplash today due to all the moving average crosses.

Trend Nasdaq S&P 500 Russell 2000
Long-Term Down Down Down
Intermediate Lat(+) Down Up(+)
Short-term Up(+) Up(+) Up(+)

(+) Indicates an upward reclassification today
(-) Indicates a downward reclassification today
Lat Indicates a Lateral trend

*** I’m simply using the indices’ relations to their 200, 50 and 10-day moving averages to tell me the long, intermediate and short-term trends, respectively.

Post from: Trader Mike's Blog

August 5, 2008 Stock Market Recap

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