The volume was also lower on the second round of the selloff last week. That's always a good sign for a double-bottom--at it was a textbook double bottom. But the rally does need one or two strong move days on high volume to confirm a move back up. We're still in no man's land until we break the last rally attempt with better volume.
BRO YOU MADE A KILLER CALL!!!!!!! ALWAYS PAYS TO HOLD THE HANDS OPEN AND BUY WHEN THE INSTITUTIONS ARE SELLING!!!!!
I agree the markets will trade flat until they find another direction, I would assume 90% think the direction is higher. Volume today was weak so who knows whats in store for the rest of the week.
FOMC day is next big volume day, and judging by the past party line, you know rates are going nowhere and Ben will say there is no evidence of subprime contagion existing. If markets hear that, they are up, and up on big volume.
rates are staying at 5.25%, he may be a bit hawkish this time around though. As for the no evidence of a subprime mortgage fallout would be beyond me, will he mention it, probably. Im sure he will try and talk positive about it even if the housing #'s tomorrow are a huge miss. If that is the case and the markets rise I will be totallllllly baffled by this market place, will probably change my bearish tone to 101% bullish and go all in, however I was about to change my tone back in the middle of February and glad I didnt because Feb 27th was a good day for my portfolio.
Cramer's already calling a bottom. Awsome fade bro! *He's also trashing Benjamin Graham, in the process. What an idiot.
Already calling a bottom, I have heard this about a dozen times in the last 3 weeks. Its all psychological, with the dow up triple digits you think nothing can go wrong everything is just perfect in this great economy. Then tomorrow you get a triple digit loss and cramer is telling you Im worried about this market. He changes his mind constantly.
The very fact that you even know what Cramer is calling says something in itself... heheh.. just giving ya a hard time.
It's a valid point. I'm ashamed to admit I ever even bother with a glance at the screen when this clown's show is on. He was talking about how homebuilders and companies had bottomed 6 weeks ago. Before the LEND/NEW/NFI/HSBC/CFC debacles. Just on Friday, he was saying homebuilders and mortgage companies were to be avoided at all costs.
Note to Rev Shark: A lot of short sellers probably got hurt today and/or their stops hit. But it's okay because it was a Low Volume up move! Heck, quit tryin' to figure it out. Just trade 'em! Good luck to all.