Yesterday was the classic trend day of 1999:
Never more than a six-bar pullback (on a five-minute chart) before moving to new intraday highs
in the S&P 500 cash index.
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Volatile Markets Demand Discipline
More of the ugly same. Yesterday, volume wasn’t huge compared to the
percentage down
moves in the Nifty 25-50 stocks that have carried the market to its lofty speculative heights.
It was the seventh straight day of negative breadth, and most of the key players were on the sell
side.
Weak Market Infrastructure
Yesterday, volume and institutional block activity
dropped
off noticeably. The techs tried to make up some of last week’s 12-15 percent loss, with Dell,
Microsoft, and Intel–the best of the bunch–all gaining approximately 3.5 percent.
After a wild Monday,
After a wild Monday, which saw the market up big, then down big, the bottom line is that the market finished lower for the third day in a row. The high volume tells me the institutions were out in force, which should make for interesting trading action in the coming days.
Kevin Haggerty Daily Commentary
What Wednesdays Action TellsYouKevins Thursday article here Thurs. 4/1 Friday 4/2 Monday 4/5 Tues. 4/6 Wed. 4/7 Index SPX
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