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Strategies & Market Trends : Short Selling, Dark Side, Bubble Busting Laboratory
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From: russwinter10/18/2005 9:03:16 AM
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Considering the market's weakness throughout the first half of the month, it was positive to see the major indices register another day of gains, but declining volume once again failed to confirm the bounce. Total volume in the NYSE declined by 8% yesterday, while volume in the Nasdaq was 16% lighter than the previous day's level. Although the Nasdaq has closed higher for the past three days, it is important to note that volume has declined on each of those days as well. This tells us that institutions have not yet shown any signs of returning to the market. As such, one would be correct in viewing the recent bounce as a mere technical correction as opposed to the start of renewed buying interest. A majority of this month's down days have occurred on higher volume, but each of the up days have occurred on declining volume. Until this trend changes, it is wise to be net positioned on the short side of the broad market (or in cash if you don't have a margin account).

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