Every time I think this market has tipped it's hand I've been slapped. Today there was a follow through of yesterday's -1.16% move with a -2.25% move today. Further, the NASDAQ closed at the low of the day indicating buyers succumbed and showed little interest in attempting a rally. Lastly volume continues to pick up to the down side suggesting this move is accelerating.
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| NASDAQ 05/04/12 |
That being said, for a -2.25% down day there wasn't a whole lot of selling underneath the surface.
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| 4%+/4%- |
While there was some selling it is modest relatively speaking. The largest spike continues to be 04/10 when the NASDAQ dropped 1.83% with 406 stocks down 4%+ on increased volume, whereas today's -2.25% move is a more modest 216. This market has been incredible resilient and each time it looks like it's down for the count it turns into a standing 8. I refuse to pass last rights until the preponderance of evidence indicates there is a change in trend.
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