this market is wierd, it sells off hard on volume, but then rallys on light volume. Now normally that would be bearish (but at least until now) it just keeps going up on light volume. Perhaps its changing but very strange action. I suppose there is a underlying bid but who knows what it size is and how far it will go. My personal feeling is we started a bear market early this year so it takes time to turn a market (well the avg stock is sucking, but there are maybe 50 stocks that are in rally mode). So, depending on what your looking at we're either in a bear market/bull market.
You would have to be a trader to understand, Junior. *edit- And when the market is getting trashed today, you will be enlightened as to what no legs means.
<i>"no legs on a bounce?"</i> Correct... no legs on this bounce. The +100 S&P points were accrued thru Thursday afternoon PPT squeeze, Friday's Fed-driven gap and opening gaps this week. Intraday, absolutely nothing bullish has happened. No accumulation on high volume to base a floor beneath. No back & fill. Just swiss-cheese air pockets in the chart from recent lows until now. No legs, correct
i don't know how ominous ... but sad gone are the days of massive volatility!!! i want 50 pt moves in the ES now damnit!!!!
Funny but I see things differently. Wednesday nights highs were a valid place to stop but ES is only a whopping 15 points lower than those levels. The Dow is hardly off from up there at all. Makes me think there's still a shit load of trapped shorts from last week.......