The market today was flat. I mean ... FLAT. The XJO was down -0.02%. Volume was again quiet.I've suggested before that this combination of a quiet market at the highs on low volume is bearish.
The internals today don't support that. Advance/Decline Ratio on the 50-Leaders was 1.8 and the AdvVol/DeclVol Ratio was also 1.8. There's not much solace for the bears in those figures.
The big drag on the market today was BHP (-1.6%) on heavy volume. The sell-off in BHP might have been a knee-jerk reaction, and the smarties were in there buying. We'll know tomorrow.
Follow through selling would be a big negative. A rebound tomorrow in BHP and this bull market remains alive.
Good luck
Red
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