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MARKET WRAP UP 01/20/11
Both the S&P 500 and the Nasdaq Composite Index experienced “distribution days,” with follow-through to the downside on increased volume after yesterday’s selling. At the same time, with the S&P 500 closing off its lows to finish down 0.13% to 1280, the dip-buyers are unwilling to acquiesce so easily to the bears’ newfound glory. Going forward, these two competing forces are likely to duke it out, and we shall see a winner emerge in the coming days. Having the capital available to pounce on which camp wins the battle will be key to not only banking coin, but to also avoid being caught leaning too heavily in the wrong direction.
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Just when I get into things I have to go on a holding pattern! Thanks for the charts Chess!
Look forward to this read every night. Thanks Chess.
Chess – Thanks. Where are these bears basking in glory that you are talking about? I must lead a sheltered life. Oh wait…
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