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Strategies & Market Trends : Short Selling, Dark Side, Bubble Busting Laboratory

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From: russwinter	10/19/2005 9:10:53 AM
	of 361

Deron Wagner AM comments: tradingmarkets.com Turnover increased in both exchanges Tuesday, resuming the trend of higher volume on the down days. Total volume in the NYSE was 5% higher, while volume in the Nasdaq increased by 16% over the previous day's level. Both the S&P and Nasdaq registered another bearish "distribution day," but this was not surprising considering that volume had declined in each of the three prior up days. The last six days in the Nasdaq have consisted of three down days on higher volume and three up days on lower volume. Furthermore, there has not been a single "accumulation day" this month, but there have been many "distribution days." Such a pattern tells us that institutional players such as mutual and hedge funds are continuing to sell into strength, while only retail investors are interested in buying on the (infrequent) up days. Trade in the opposite direction of institutions at your own peril.

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