As February comes to a close tomorrow I thought it worth looking over the past month from the perspective of the number of stocks up/down 4% daily. The early part of the month showed two large volume buying days with well over 300 stocks up, but since then the 200 plateau has only been broken once and most days were quite subdued. Additionally during this month there were 5 days where the selling was higher than the buying but not by much as most sell days were less than 100.
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| Stocks Advancing/Declining 4% |
Daily dips and gaps down on the market have been bought and days that look like they may muster a significant break have waned by the close. This has been evident in the Small Caps in particular that are either reversing intraday or failing to follow through the next. Big Cap Tech on the other hand has continued to show strength. Markets need buying to support moves higher but can fall on gravity and their own weight. The current equilibrium of the market is heightening the anticipation of direction and leaves one with the impression a move may be on the horizon.
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