This is the kind of action that suggests a bottom may be getting closer. The major averages closed mixed on the day with the DOW up fractionally at 0.01%, the S&P 500 0.07%, and the Nasdaq down 0.15%.
All in all it was a relatively uneventful day, so let's take a look at the charts:
NAMO and NYMO continue to move in a tight range, albeit in fairly negative territory. Both remain on sells.
How much more? - After a one-day bounce on Thursday, the market resumed its downward action on Friday as investors did not seem to want any part of holding stocks over the weekend. The Dow lost 172-points, closing near the lows of the day... Current Daily Market Commentary Market Commentary for 6/13/11
I'm going to be brief with this evening's charts. Here they are:
The Top 50 aren't exactly loading up the truck for this week's action, but stock allocations did rise 2.46%.
The herd has pushed their collective stock allocations up 11.56% to almost 70% total.
It should be an interesting OPEX week.
Looking at the big picture we can see we've taken on some extensive damage. People are starting to get some legitimate fear in them and that's a good thing because we need some fear to produce enough capitulation to form a bottom. Someone told my dad the Dow Jones Industrials had crashed and that's just the type of fear I love to hear. I want this market to run out of panicky sellers, after that's all said and done then there's nothing left to do but to buy. As I like to tell folks "You can't predict
Updated 06-13-2011 at 12:18 AM by JTH
After breaking a 6 day losing streak with an up day on Thursday, the bears came back and took the market much lower on Friday. At the close the DOW was down 1.42%, while the S&P 500 and Nasdaq saw losses of 1.4% and 1.53% respectively.
The dollar index rallied to close 0.9% higher on the day. As a result, the I fund fell much harder at 2.31%.
Sentiment has generally been getting more bearish during this down leg, but there's no panic to speak of. Our own sentiment