Tuesday, March 24, 2009

Bears Aren't Finished Yet.. Neither Are Bulls

A fascinating day a trading, which began in the red, finished there, lending support to the idea that the market had become overbought in the near term. All of the major indices gave back, led by the broadest measures, the NASDAQ and NYSE Composite.

I am having trouble with the interface. I cannot format properly, so I am going to try to keep this brief.

Dow 7,660.37, -115.49 (1.49%)
Nasdaq 1,518.63, -37.14 (2.39%)
S&P 500 806.36, -16.56 (2.01%)
NYSE Composite 5,064.33, -121.53 (2.34%)

Declining issues beat back advancers, 4466-2048. New lows continued their dominance over new highs, 122-30. Volume was lower than the past five to six sessions; not surprising considering the long run of gains over the past two weeks. While this rally may be essentially over for the time being, it could gain traction again at any time€.

NYSE Volume 1,645,186,000
Nasdaq Volume 2,033,304,000

Crude oil finished with a gain of 18 cents, at another high for the year of $53.98. Gold fell again, though it seems overdone, down $28.70, to $923.80. Silver slipped 50 cents, to $13.38.

There was little in the way of economic news, and all the indices finished near their session lows.

My apologies again for the brevity of today's post, but the interface has gone wacky. Hopefully, these matters will be cleared up before long and I'll be able to get back to more poignant posting.

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