::: Today’s Market Action :::
Today’s action is telling in that the market is showing possible accumulation (institutional buying – we won’t know until final volume numbers come in) just days after a day of distribution (institutional selling) The resiliency I’ve discussed in the past couple days and today’s bounce back with significant end of day buying proves the strength of this current market.
(Note: volume averages are based on the average over the past 50 days)
Data as of 2:15PMEST
Nasdaq: up 1.3% today with volume currently tracking 8% BELOW average
Nasdaq ETF (QQQQ): up 1.43%, volume 8% ABOVE the average
Dow: up .89%, volume 2% BELOW average
Dow ETF (DIA): up .77%, volume 5% ABOVE the average
S&P ETF (SPY): up .87%, volume 12% ABOVE the average
Russell Small Cap ETF (IWM): up 1.22%, volume 11% ABOVE the average
::: SelflInvestors Leading Stocks :::
If there is one negative in today’s action, it’s that leading stocks that make up the SelfInvestors Breakout Tracker database are not showing good strength. The Index is basically flatlining today and selling volume is significantly greater than up volume.
Summary:
* Advancers Leading Decliners 238 to 115.
* Advancers are up 1.39% today, with below average volume… 10% ABOVE average
* Decliners are down 1.83% with volume 18% ABOVE average
* The total SI Leading Stocks Index is up .34% today with volume a bit BELOW average at 1% 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.
No Changes Today in Leading and Lagging Industries
* Leading Sectors/Industries – Software, Technology, Retail, Consumer Services
* Lagging Sectors/Industries – Energy, Energy, Energy.. and Energy AND Gold (still no change here)
* Today, Industries/Sectors that have been leading the market over the past month are leading the way today – Homebuilders, Semis, Retail, Software and Telecom are all seeing significant buying today
* The bargain buying in oil that we saw late last week didn’t last long – oil stocks are taking another hit today, particularly in the services sector
** Stocks **
This area still under development.