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Closing near the lows
Posted on 01/16/2007 13:42:26 | Link | Post Comment
Despite the high levels of investor anxiety as reflected in the sentiment indicators, the market basically closed near its lows for the day.
Although volume was high enough to qualify for a distribution day, it did not seem so high as to indicate wholesale selling. It felt more lack a lack of buyers around today.
Down volume represented more tha 91% of the total volume on the Nasdaq, which experience its biggest daily decline since June 5th.
Given the lack of bounce today, I suspect we could see some additional weakness tomorrow. But I think bearish sentiment will rise quickly enough to stop the bleeding quickly, and help the markets bottom sooner rather than later.
Although volume was high enough to qualify for a distribution day, it did not seem so high as to indicate wholesale selling. It felt more lack a lack of buyers around today.
Down volume represented more tha 91% of the total volume on the Nasdaq, which experience its biggest daily decline since June 5th.
Given the lack of bounce today, I suspect we could see some additional weakness tomorrow. But I think bearish sentiment will rise quickly enough to stop the bleeding quickly, and help the markets bottom sooner rather than later.
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