Monday, February 7, 2011
Bulls Roar, but Volume Extremely Light, Bears Have a Chance to Strike
Internals were very bullish today, however volume was extremely light as only 877 million shares were traded on the NYSE. It's either a hangover on Wall Street after Superbowl parties last night, or the air as really come out of this rally. I would not be surprised if Tuesday brings us a selloff, but with no evidence suggesting a top is in there is nothing I will do for now. But today felt like an exhaustion burst higher, and those usually end with sharper moves to the downside soon after. I'll be watching closely for a shorting opportunity Tuesday.
Nothing new really on the euro since it hasn't moved much overall. You can count five waves down complete so a larger corrective rally MAY be underway now. But the larger trend appears to be down for now so I'd be looking for shorting opportunities.
Full post tomorrow.
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PLEASE NOTE: THIS IS JUST AN ANALYSIS BLOG AND IN NO WAY GUARANTEES OR IMPLIES ANY PROFIT OR GAIN. THE DATA HERE IS MERELY AN EXPRESSED OPINION. TRADE AT YOUR OWN RISK.