***** TA Update (intra-day) *****
The markets are mixed in moderately light trading, as it awaits the Bush stimulus package announcement.
The Nasdaq a/d is 14/17, with u/d vol at 2/1, on 870M shares (projecting to around 1.7-1.8B shares), while the NYSE a/d is 12/19, u/d vol at 9/10, on 671M shares, which only projects to around 1.3-1.4B shares.
The positive u/d vol on the Nasdaq implies that it could rally later today if it stays that positive during the mid-day countertrend dips. A continuation of this technical rally should occur this week, with a possible top this week or early next week unless the volume picks up on rally days. The Nasdaq volume has picked up today to around 1.8B shares, and if it can get above 2B shares, then this rally could extend weeks rather than days. |
