The Dow Industrials indes last night was flat (-0.04%). The Transport Index was down -0.34%.On the broader market, both the SPX (+0.24%) and Nasdaq (+0.28%) were up modestly. The Small Ordinaries Index was up +0.46%. That may give some heart to the bears that strength continues to reside in this market.
The Dow Industrials Index remains in Cloud Cuckoo Land with a relative strength of 77.5.
On the weekend, I got my "days" mixed up. Monday was Valentine's Day not the President's Holiday which falls next Monday. That led me to suggest that our market would be flat yesterday - it usually is the day of a National Holiday in America. Look for that next Monday.
Volume last night on the DJI was low. Once again, this looks to me like no interest by the Smart Money. I think they bailed most of their remaining positions on Thursday.
So - I'm sticking to my guns that this week will finish lower.
For an interesting take by a Quant on the coming week, read http://www.tradingtheodds.com/.
Good luck
Red
No comments:
Post a Comment