I'm running late this evening so I'm going to go straight to the charts tonight.
NAMO and NYMO both moved back into a buy condition today. From the beginning of April you can see the peaks on both charts have been dropping lower. The troughs have too for the most part. This certainly suggests a weakening market, but how much downside can we expect?
NAHL and NYHL didn't move much and remain in
Updated 05-25-2011 at 07:49 PM by coolhand
50-day EMA trouble - Stocks struggled to stay above the break even mark all day yesterday, and some late selling took the indices into the red by the close. The Dow lost 25-points.... Current Daily Market Commentary Market Commentary for 5/25/11
Dip buyers are finally starting to show their wariness of the stock market as an initial rally attempt at the open fizzled after the first hour of trade. The afternoon session also saw a modest attempt to take prices higher, but it too fell apart with modest losses posted by the major averages at the close.
One sector did well however, and that was energy, which saw decent gains the whole day. Oil was a big factor as crude rose close to 2% on the day, with a barrel of oil closing
Filled - Stocks took another tumble yesterday as the debt problems in Europe continue to pressure on U.S. stocks. The Dow lost 131-points, but we had saw a possible positive technical sign... Current Daily Market Commentary Market Commentary for 5/24/11
The market started off at the open with a hard gap down, only this time it never made a serious bid to recover. As a result, the major averages closed not far off their lows of the day.
The reason? Nothing new if you listen to the mainstream press. A concern about global economic growth and the eurozone debt bomb.
My personal choice is that it's more likely a reaction to QE2 winding down. That has a far more reaching effect on the global market that will reverberate