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On the one hand the rally today was impressive given the crummy news, but then, if you look at the volume action on the 5 minute charts, there has been heavier selling the past two days. The latter isn’t reflected in headline numbers and that’s what the average investor sees. It’s troubling and made more so by the heavy accumulation of insider selling data.
No matter what I think, the market is trudging along higher. If you wish to fight it, be my guest but many trying to fade the trend are losing money. That’s not a good game to play.
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The charts and comments are only the author’s view of market activity and aren’t recommendations to buy or sell any security. Market sectors and related ETFs are selected based on his opinion as to their importance in providing the viewer a comprehensive summary of market conditions for the featured period. Chart annotations aren’t predictive of any future market action rather they only demonstrate the author’s opinion as to a range of possibilities going forward. More detailed information, including actionable alerts, are available to subscribers at www.etfdigest.com.
