Positive economic news across the globe helped push global markets higher. Unfortunately for US markets the NASDAQ’s shut down for 3 hours and 11 minutes held back the markets. Upon reopening the NASDAQ continued to march higher. Who knows what we would have been able to do had the NASDAQ shut down. Volume figures were certainly thrown off given the shutdown it makes very little sense to have it enter into the market’s move today. NYSE volume helped by HPQ was running higher prior to the shutdown, but the NASDAQ volume was running flat. Hard to say today’s Day one rally attempt was done so with massive accumulation. Yesterday’s new low marks today as Day one of a new attempted rally and will continue to look for confirmation of a new rally.
How much did the NASDAQ outage really affect? There will be plenty of folks who will try to figure it out but will come up empty. Does it really matter if the NASDAQ shuts down 15 mins or 3 hours? When the NASDAQ did reopen the market did continue its march higher. IF you were watching CNBC and following ZeroHedge you would have thought the market was in free fall. While we wouldn’t be surprised to see stocks in free fall, today was far from one. Stick with price.
For the first time in a long while Bears jumped above 40% to 43%. Can’t say I blame them for the switch, but as in all crowds they are late and it is very difficult to shake free. Given where we are on a few oscillators it does point to a possible bounce from these levels. How far and how long is anyone’s guess. A few Elliot Wavers believe this current rally won’t last past 1680. Predictions aren’t useful and those who tell you otherwise can’t understand statistics.
Get out and enjoy the last weekend prior to Labor Day!
