Light Volume As Investors Slowly Return To Market
By Dave Fry on January 6, 2009 | More Posts By Dave Fry | Author's Website
Volume is still on the light side as investors may be slow to return to work. Breadth was positive even with negative headline numbers.

Despite all notifications of ridiculously poor mathematical calculations Yahoo/Finance still can’t seem to get things right as you’ll note below.

Meanwhile, our man in Geneva, David Hurwitz, gives us his version of the day on the NYSE.

Frankly, we need a few more days like this to work off some serious overbought conditions. As I was doing charts over the weekend I found some actionable alerts. But, when completed I noted the stratospheric level of the normally trusty McClellan Oscillator and it gave me pause.


An important message is gleaned from our internal chart below of the S&P 500 Index. The message is we’ve experienced protracted but volatile sideways action since DeMark Indicators generated a “9″ reading on weekly charts back in late October. Now the table is set technically for a rally as this extensive action allows other indicators to start to kick-in.































There’s still a lot of important news yet to come this week from ISM, store sales and employment data on Friday. But the mood since Christmas has been to brush-off bad news as old news and look forward to a brighter future. That would be nice if it were so.
The charts are starting to say “go man go” but the McClellan Oscillator says “watch your step pal”.
Let’s see what happens.
Have a pleasant evening and day.
Disclaimer: Among other issues the ETF Digest maintains positions in: (DIA), (XLE), (GLD), (DBA), (EWJ), (EWY) and (FXI).
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