Good morning, George,
I am a little taken aback by your comment that "...recently we have not had great news and the market is down just a bit...".
In regards IVX I think we have had terrific news recently.
...Company has reported it's first earnings in years.
...Company has cash on hand of approximately $250 millions versus a
negative cash flow situation of prior years.
...Company has retired almost 3 million shares of common and has
authority to buy a couple of more million shares.
As regards the market and IVX price performance , forget any relationship here.
In April 1996 IVX peaked at 41 3/8 and the DJIA's top was 3204.
In July 1998 the DJIA topped at 9412 and IVX's high in July was 8 5/8.
It is a market of stocks, not a stock market. I'd rather be long an IVX today rather than a stock market at 7682.
And, George, IMHO I disagree with you that news overrides technicals. Oftentimes you will see big volume, the stock price rises or falls appreciably with no "public" news, only to find out at some later date that "an event" has occurred which you were not privy to but others were. Only then does the 'light go on' and you recognize the catalyst for the price move.
I always look for a volume confirmation or any aberration in volume.
Remember the only way someone, anyone can make money in the market is by buying or selling short an amount of shares. And, as the number of shares is finite the natural forces of supply and demand coupled with the ever present twins, fear and greed, spiced with a sprinkling of fundamentals is what moves a stock price around.
Sorry for being so verbose. Keep the faith.
Best,
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