AvidTrader's S&P Analysis for Tuesday, November 21
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AvidTrader's S&P Analysis for Tuesday, November 21, 2006 Despite recovering the open's gap down to print new highs intraday, the week's first session ended flat.
Rod David, President
AvidTrader.com, Inc.
Link: Link www.avidtrader.com/
Horse of a different color.
Thursday and Friday's "ineffectual optimism" may have yet to actually reverse the trend down. And they certainly didn't prevent S&Ps from printing new highs. But Monday's new high failed to close above last week's prior high. In the process, Monday's session was once again a case of "ineffectual optimism."
The race is on.
Monday's comments noted the seasonal bullishness that tends to surround holidays, as sponsorship for a trend reversal - and the traders doing the sponsoring - hit the road early for Grandma's house. Time is running out for sellers to try regaining control, "ineffectual optimism" or not.
It's not much, but it's something.
More NYSE down volume than up volume Monday produced fewer declining issues than advancers. S&Ps lost less than 1 point, so the positive divergence didn't diverge from much. But it does require that an attempted decline be substantial to avoid being recovered.
The open speaks volumes.
Considering the increasing difficulty to generate sponsorship for trending - either up, or down - Aggressive traders might want to consider taking quick 3-point profits where possible to exit into momentum. If a move extends further, then it's probably worth leaving money on the table and re-entering at the more expensive price, instead of risking a quick price reversal against the profitable position.
Individual equity plays.
AvidTrader's Trigger Points has most recently initiated or updated its coverage on the following stocks: CLE, OLN, ANN, GLBL, URS, FDRY, ANF, IACI, DAKT, MRVL, CMX, ARIA, SHOO, PKX
Today's market charts (Daily Diagram) and individual equity plays (Trigger Points) are available at the site.
Link www.avidtrader.com/
Rod David, President
AvidTrader.com, Inc.
Link: Link www.avidtrader.com/
Horse of a different color.
Thursday and Friday's "ineffectual optimism" may have yet to actually reverse the trend down. And they certainly didn't prevent S&Ps from printing new highs. But Monday's new high failed to close above last week's prior high. In the process, Monday's session was once again a case of "ineffectual optimism."
The race is on.
Monday's comments noted the seasonal bullishness that tends to surround holidays, as sponsorship for a trend reversal - and the traders doing the sponsoring - hit the road early for Grandma's house. Time is running out for sellers to try regaining control, "ineffectual optimism" or not.
It's not much, but it's something.
More NYSE down volume than up volume Monday produced fewer declining issues than advancers. S&Ps lost less than 1 point, so the positive divergence didn't diverge from much. But it does require that an attempted decline be substantial to avoid being recovered.
The open speaks volumes.
Considering the increasing difficulty to generate sponsorship for trending - either up, or down - Aggressive traders might want to consider taking quick 3-point profits where possible to exit into momentum. If a move extends further, then it's probably worth leaving money on the table and re-entering at the more expensive price, instead of risking a quick price reversal against the profitable position.
Individual equity plays.
AvidTrader's Trigger Points has most recently initiated or updated its coverage on the following stocks: CLE, OLN, ANN, GLBL, URS, FDRY, ANF, IACI, DAKT, MRVL, CMX, ARIA, SHOO, PKX
Today's market charts (Daily Diagram) and individual equity plays (Trigger Points) are available at the site.
Link www.avidtrader.com/
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