I did say just yesterday that “sideways” would be the ideal direction for stocks didn’t I? So that’s sort of what they’re doing, but in a volatile manner.
Geez, how often can a guy make a statement like the following and live to brag about it?
“If you’re a bull with long positions you should hope for some sideways action. But we can’t orchestrate the action. The good news for bulls is that markets are becoming less overbought. But, I would expect more volatile two-way action.”
So, tech at least is now only down roughly .60% from the high reached one week ago. That qualifies as “sideways” to me. But the S&P is down roughly 1.5% from its high a week ago dragged lower by financials mostly.
Market internals as listed by the Wall St. Journal revealed a push on the advance/decline data while up volume on the NASDAQ was impressive. As to the latter, think biggest names.
A little travelin’ music please.
Sideways? Well, the week’s not over and there’s always more fun and games to be played on Wall Street.
And in a parting postscript to posters from Seeking Alpha who commented on my Tuesday energy rant let me say thanks to those who made positive and [cough] clean feedback. I wish I could have said it as well as “fore” who said among other things:
“A self-reliant energy policy while we research and develop new energy sources is a reasonable, cogent position to take. The current practice of enriching nations who hate us because they have we need doesn't seem logical.”
Disclaimer: Among other positions the ETF Digest maintains positions in: QQQQ, IGM, FDN, IGN, IBB, IGV, SPY, MDY, IWM, USO, DBE, UDN, GLD, EWZ, RSX, INP and GXC.