No Follow Through

The frustrating thing about this market is that there’s zero follow through. Every time we try to rally, we seem to give it all back the next day. For 13 of the last 17 sessions, the market has closed in the opposite direction from the day before.
From April 29 through June 1, the S&P 500 rose just eight times. The following day, every single time, the market closed lower. Since then, only two of the last five rallies have been followed by rallies and both were very modest (about 0.4%).
The S&P 500 hasn’t had a three-day win streak in two months. It looks like we’re going have a lower open. Again.
The only bright spot is over the last nine down days, seven have been followed by rallies.

Posted by on June 16th, 2010 at 9:11 am


The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.