Today was an impressive day, but volume remained unimpressive. Volume hasn’t really exploded in comparison to the other days in a 2-week period on both the NYSE and the NASDAQ. Remember Oct 10’s volume? That’s what I would like to see, another surge and more participation. I do wonder, “Where is the money flow coming from, especially when hedge funds, retail investors and everyone else in between has lost so much investment capital?” The rest of this week will serve as confirmation days if, in fact, this is a genuine power rally.
We had an incredible number of power spikes today. Most of the top gainers that are up 30%+ or more fit my long/short trading criteria for spikes. We also have a good combination of breakouts from triangles, all-out breakaway gaps, possible breakouts, and possible newly-formed uptrends. I have included 3 breakdowns as well. Of course, one lousy day in the market could kill the prospects of a market-wide, multi-day rally, but that is all to be determined.
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