::: Today’s Market Action :::
Today, the much anticipated record high the Dow was achieved at last with a catalyst from the precipitous drop in crude throughout the day. No question the action is positive and may (if we can hold these gains) show another day of accumulation indicating institutions are continuing to put money to work. Volume is solid but not outstanding for a record move. Be on the lookout for an end of day reversal. Over the past few hours sellers have been in charge so it will be interesting to see who wins this intraday tug of war which will provide a big clue to just how healthy the market is up at these levels.
The only other negative that I see up to this point in the day is the lack of big moves from leading stocks. Not a whole lot of gusto in the small to mid cap high growth arena (which I’ll take a look at below).
(Note: volume averages are based on the average over the past 50 days)
Data as of 3:15PMEST
Nasdaq: up .48% today with volume currently tracking 1% ABOVE average
Nasdaq ETF (QQQQ): up .60%, volume 1% ABOVE the average
Dow: up .65%, volume 4% BELOW average
Dow ETF (DIA): up .42%, volume 6% ABOVE the average
S&P ETF (SPY): up .42%, volume 4% ABOVE the average
Russell Small Cap ETF (IWM): up .27%, volume 10% BELOW the average
::: SelflInvestors Leading Stocks :::
It’s another ho hum day for leading stocks .. they are basically flat today. Overall, leading stocks are actually down for the day with volume a bit below average.
Summary:
* Decliners Leading Advancers 169 to 150.
* Advancers are up 1.30% today, with volume 8% BELOW average
* Decliners are down 1.86% with volume 3% ABOVE average
* The total SI Leading Stocks Index is DOWN .37% today with volume a bit BELOW average at 2% below
* Where’s the Money Flowing *
Many investing websites just provide leading industries based on price performance alone.. without the volume, this can be misleading. The only way that I know of to guage industry/sector strength WITH volume levels is through the analysis of ETF’s. A couple years ago this was not possible, but as more traders/investors use ETF’s they become a much better tool for guaging the health of the market and seeing where the money is flowing (or not flowing). Using the proprietary SelfInvestors Demand Indicator score which measures price and volume movements, I’m able to quickly see which sectors/industries are seeing the greatest inflows of cash.
* Leading Sectors/Industries: Software, Technology, Consumer Services, Software and Retail
* Lagging Sectors/Industries – Energy, Energy, Energy.. and Energy AND Gold (still no change here)
* Today’s Market Movers (UP) – Retail is the big winner today, followed by Internet Consumer Services and Health Care
* Today’s Market Movers (DOWN) – As has been the theme over the past several weeks, Oil and Gold getting hammered again today
** Stocks **
Due to time constraints (it’s been one of those days!) I won’t have a stocks of the day for you today.