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Posts Tagged ‘DJIA’

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DIA Showing Distribution

In Market Analysis on June 10, 2009 at 8:17 pm

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Dia 6-10

I posted a few days ago that DIA is approaching resistance at 9000 and this rise has been on light volume.  Some people have said that is because of  summer where trading decreases.  However, there is a lot of money sitting on the sidelines.  If it was a true beginning of a bull then it would appear in the volume.

Therefore, I have been skeptical of this rise and I am very skeptical of this market after three days of increasing selling.  I expect a sell off.

This begs the question what about our stock positions in TGB, NGD, GMO, and UXG.  We need to be aware of the overall U.S. Market, however there still is strength in emerging markets so I am not prepared to sell my positions in these companies.  Stay tuned and I will notify if we have to take our trailing stops.

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Market Summary May 26th 2009

In Market Analysis on May 27, 2009 at 6:09 pm

nasdaq May26

The Nasdaq remains above its moving averages despite have light volume to support it.  It is concerning because Nasdaq and Dow Jones appears to making a descending triangle pattern after a rising wedge formation.  A break on volume at this point would cause the indexes to retest the March low.  It would be nice to see some volume on a break down to 82.25 on the DJIA Diamonds and 32.75 on the Nasdaq to confirm the descending triangle.  The lack of volume on this run up from March is quite concerning.