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Low Volume Persists
Odd market action today, in which curious rumors surfaced out of quant land, that Goldman was being used as a gold surrogate for liquidation purposes. We closed at last Friday intraday high: should the market continue upward, the NFP news from last week that the economic situation is now indicative of a double dip will be fully priced in. Alas, volume now refuses to confirm trends on either the upside or the downside. More and more investors will simply not participate whatsoever in this incredibly volatile market. Below is a PV of the SPY (no ES today due to the June-September roll): volume is now consistently below cumulative averages.
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Investors? What is that, a software product? Can I run it on my HFT 2000?
Time to wipe my keyboard off on that one. Hilarious.
Just about to hit the 20day MA..
Today scared out many shorts. Hopefully wrongly so.
It's going to take a lot more than that to scare me out of shortin' the market. I'm not Goldman but I have enough ammo to outlast their ponzi scheme of pumpin' and dumpin'.
....amen. Today was just their " ShortShank Redemption ". doooooh, sorry.
Looked like some determined buying to hold the close today. Maybe tomorrow will bring another hopeful leg up, but I don't think so. More likely everyone will sell down to their risk limits and head for the beach.
Let's just build the right shoulder and get it over with
seriously, I just need to get in some shorts at a better position then we can rock and roll
http://www.barnorama.com/omg-question/
Just by looking into these charts, it's always so clear
What does that mean?
Rather than selling gold to raise cash they sold GS instead.
GS trading down means 2 things, naturally:
1. GS is not being sold
2. Gold is being sold
Hope you got that.
I have to say, I don't have a good idea what allegedly drove this market today. Anybody have any insights?
Been asking that since March of 09!
More facetiously though, market was up overnight thanks to good # out of China, and EURUSD was strong throughout the day
when did we start believing china's numbers?
Look at the intraday chart of FXE. That's all you need to know.
Enough stock was shaken out in the recent decline to make a rally profitable for insiders.
Well, my take is that SPY is more reflective of retail. Hence, investors are not coming back yet in mass or perhaps ever for the boomers.
This weeks ICI data wasn't as bad as I thought, but who know's for next week.
Skynet, what else?
Goldman as a surrogate for gold? Are you saying that Goldman is as good as gold? I know Goldman is the best at what they do, but gold?
I entered some shorts just before the closing, I expect the market to fall again!
I agree. We might get a continuation of this upward movement until NFP is released. I believe we are in a range market in the last couple of weeks, and we might break it to the downside next week. 1050 was a tough support to break, and the bounce was expected. But i think we will revisit it next week and this time we will break it. Today was just a short squeeze.
I love how moving averages these days include giant vertical leaps to nowhere and giant vertical decents to nowhere. Can we change the name to Spazzing Averages and get Max Headroom to read the tape for us.
http://www.youtube.com/watch?v=ZEPq0FvFm3g
I saw Fast Money for the fourth time ever today. Kind of scary when the entire panel is talking all gloom and doom. Many times it sounded like they were repeating entries they read here. That's got to be a first.
And it's got to tell you the market must be heading higher for a bit. Was all cash since I was traveling but may be tempted to jump into a few longs on a dip after the open.
Nothing's changed really and the data remains fairly ugly but when the bozos on CNBC are agreeing, something's gotta give.
Arent you in SDS from like monday?
I watch Fast Money whenever Gartmans on, good guy.
Actually was in through early Monday then had to sell to travel. I never like carrying leveraged ETFs more than a couple of days and can get seriously burned if not paying complete attention.
"Goldman was being used as a gold surrogate for liquidation purposes."
What is the meaning of this staement?
GS (as opposed to GLD) was where you found $$ today
Interesting...thanks.
Nice squeeze job...
Then there is Tenneco. Today they liked mufflers, shocks, and brakes...
You done painting that house yet?
Amen brother! We need the Robo report back STAT!
Open the pod bay doors Hal.
Nice.
So I don't suppose anyone is going to point out that the volume differential shown here goes against the usual ZH thesis, where down days are above the average and up days below it. Wednesday sees a big sell-off into the close on very low volume, according to the chart, while the day before and after it are relatively positive-volume up days. (Sure Thursday is red, but not to the extent normally seen.) In fact the entire five-day period looks awfully bullish if one goes by the ZH volume differential thesis.
At least these charts are now being posted even if they don't confirm the thesis.
My bet, the tide is turning. Watch the doelarr go with it.
I don't follow -- the tide is turning -- which way? :) Assume you mean dollar down, risk up.
I found it very odd to hear Bob Pisani on CNBS compare the high open this morning to a "melt up" sort of like the flash crash in reverse. If Pisani's saying that... well, absolutely no conclusion could be drawn from it, never mind.
I agree with your observation. Today's volume looked legit to me. Also, market action seems really similar to the Feb bottom. I totally get that the fundamentals seem worse this time around, but a low-volume rally seems possible from this point. good luck to all.
Just remember, gaps are made to be filled. An overnight gap up (professional gap) followed by a low volume sideways market is really just a catalyst for another smack down. Keep your eye on the Massive descending triangle on the S&P... We hit the top of the trend line today. We could hear a giant toilet flush if we drop below it's support line.
Just another countertrend rally that will soon be history. Hold onto your shorts! When this pause in the action is over the next move down will be fast and ugly.
"should the market continue upward, the NFP news from last week that the economic situation is now indicative of a double dip will be fully priced in."
Sounds like Dick Bove wrote this......How can anything be priced in when there is so much deception and hiding of critical news. For example the Stalin style media blackout taking place on Grand Isle, Louisiana.
see Steve Quayle's website: http://www.stevequayle.com/index1.html
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