August 20, 2008 at 10:37 AM EDT
Indexes Roll Over on Increased Volume
Once again stocks were unable to gain any sort of traction around their respective moving averages.  Although volume was below the 50dma moving average we still notched a distribution day across the board.  Distribution Day count is now up to 4 days for the S&P500, NYSE Composite, and Dow Jones Industrial average while the NASDAQ has one.  It has been clear that the NASDAQ has been the leader this confirmed market rally, but with it unable to sustain its 200dma and notching a distribution day the skies have begun to darken.  At this point in the market I simply can not find stocks that I can build a long term position to notch a 1000% gain, not even 100%.  Volume remains low and with weak price action my confidence in this market is extremely low.I would love a new bull market, I want a bull market but I am not going to force myself to trade like this is a new bull market.  I do not crave action like most in the market, I [More...]
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