Tuesday Outlook: Complacency and Light Volume Push Markets Higher

June 15, 2009




The only positive from today is Mondays have proven to be good buying days of late. But that’s the only thing. Clearly some complacency (“the bottom’s in” etc.) combined with light volume (SPY traded only 180 million shares Friday) allowed markets to be pushed higher by those who could do it. Getting sucked in with them has always been the danger as the game often is to dump their accumulated stock to you once you step in.

But, hey, the week’s young and we still have plenty of time left for bulls to pump it while the news may constrain that provided how they spin it. Then there’s that quad witch extravaganza on Friday to keep everyone entertained.
Volume was still light today and breadth…well, it was ugly.











McClellan Summation Index is still overbought but starting to fade.

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