Stocks Find Support While Leadership Leads the Pack
Source: http://www.market-speculator.com/2009/05/06/stocks-find-support-while-leadership-leads-the-pack/Posted on Wednesday, May 6th, 2009 | In Market Commentary
Contributed by: Market Speculator (http://market-speculator.com) -
What could have been a nasty day of selling turned into quite the bullish day. Although the NASDAQ notched a distribution day it was not by any means a meaningful distribution day. Volume rose just under 1% over the previous day and the intraday support toned down the distribution day. Leading stocks faired very well with the IBD 100 led the way with a small percentage loss. Small caps lead to the downside but after the most recent gains the small cap indexes will certainly show some high beta. Overall, the day was quite positive for a down day and proves the market has an underlying bid.
Market Speculator
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 About Market Speculator (http://market-speculator.com)
Market Speculator began his market career shortly before 9/11/01. The methodology he uses comes from the greatest stock market traders of all time; Livermore, Darvas, O’Neil, Dryfus, etc. Decision making is based on price and volume while stock screening is done by growth in fundamentals. Much like William O’Neil’s CAN SLIM approach to investing Market Speculator focuses on a narrow amount of stocks and lives by cutting his losses early. |
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