Looking at the market, as long as last Friday’s lows are not breached, the window is now open for a new follow-through day (FTD) to emerge. A new follow-through day will be confirmed when one of the major averages rallies at least +1.7% on higher volume than the prior session as a new batch of leaders breakout of sound bases. However, if last Friday’s lows are breached then the day count will be reset and a steeper correction may unfold.
Wednesday, February 10, 2010 Market Commentary: Stocks closed lower on speculation that the European Union will not bailout Greece. Volume was reported lower than the prior session on the NYSE and the Nasdaq exchange. Decliners led advancers by a small margin on the NYSE and the Nasdaq exchange. There were 6 high-ranked companies from the CANSLIM.net Leaders List that made a…
Looking at the market, Tuesday marked Day 3 of a new rally attempt which means that as long as last Friday’s lows are not breached this rally attempt remains intact. In addition, the earliest a possible follow-through day (FTD) could emerge will be this Wednesday if the major averages rally at least +1.7% on higher volume than the prior session. However, if Friday’s lows are breached then the day count will be reset and a steeper correction may unfold.
Monday, February 8, 2010 Market Commentary: The major averages negatively reversed and ended lower on Monday as concern spread that some European governments will struggle to fund ballooning budget deficits. Volume was lower than the prior session on the NYSE and the Nasdaq exchange. Decliners led advancers by nearly a 2-to-1 ratio on the NYSE and the Nasdaq exchange. There were only 5 high-ranked companies from…