Today is the 11th November, 2010. Did you notice how the markets paused at 11.00 a.m. today?
e et decorum est
The markets continued on.
The market was strong today, up 0.65% on above average volume. Note, however, that the market bar today was an inside day - a day of indecision. We'll wait on the action in the next couple of days to see how things pan out.
Tonight, in America, the 11th November is a public holiday, known as Veterans Day. The New York Stock Market will be open, but some other financial markets will be closed. Given that it is a public holiday, we can expect that trading will be thin while many market participants are other wise engaged. Tonight's American market won't be much of a guide - but it could be volatile given the thinning volume and the ease with which the market can be moved around. In the end - probably a flat night.
Our market today, despite the up-day, showed many characteristics of an indecisive market.
I have a privately developed ROC indicator for the general market which moved down today from 103.7 to 103.3 in contrast to the up-move today.
The % of the 50-Leaders above the 50-Day Moving Average also moved down today from 54% to 50% - right on the demarcation line between bull and bear market.
The 13-Day Force Index is sitting right on the mid-line 50. (See the top chart above.) The line to look at is the blue line - the 13-Day Moving Average of Force. For several weeks, this line has been going nowhere. This Index shows the balance between buying and selling "forces" in the market. It is currently evenly balanced.
Given the probability of little reliable direction from the U.S. tonight, we might not see a lot of action tomorrow.
But - if the market decides otherwise, the levels to look at on the xao are 4831 and 4767.
Above 4831 - bullish
Below 4767 - bearish
Finally, below is a poem by Wilfred Owen - a moving tribute to people who die in war - a death without dignity.
Owen was an officer in the British army who died in action just seven days before the end of the World War I on the 4th November, 1918.
came out in order to help these boys--directly by
Dulce et Decorum Est
Bent double, like old beggars under sacks,
Knock-kneed, coughing like hags, we cursed through sludge,
Till on the haunting flares we turned our backs,
And towards our distant rest began to trudge.
Men marched asleep. Many had lost their boots,
But limped on, blood-shod. All went lame, all blind;
Drunk with fatigue; deaf even to the hoots
Of gas-shells dropping softly behind.Gas! GAS! Quick, boys!--An ecstasy of fumbling
Fitting the clumsy helmets just in time,
But someone still was yelling out and stumbling
And flound'ring like a man in fire or lime.--
Dim through the misty panes and thick green light,
As under a green sea, I saw him drowning. In all my dreams before my helpless sight
He plunges at me, guttering, choking, drowning. If in some smothering dreams, you too could pace
Behind the wagon that we flung him in,
And watch the white eyes writhing in his face,
His hanging face, like a devil's sick of sin,
If you could hear, at every jolt, the blood
Come gargling from the froth-corrupted lungs
Bitter as the cud
Of vile, incurable sores on innocent tongues,--
My friend, you would not tell with such high zest
To children ardent for some desperate glory,
The old Lie: Dulce et decorum est
Pro patria mori. Wilfred Owen |
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