Yay! A technical analysis tool worked again!
While I may be overly giddy about this one it is nice to see volume call the shots again. Monday, as stocks rose, volume was puny.
What, you say? According to the chart it was up there with last week's levels. But as is sometimes the case, the daily close does not tell the story. I am a bit too tired right now to re-post the chart that was in this morning's Quick Takes Pro but a huge chunk of that volume was reported after the close. Call it late or a quirk of my data system (eSignal) but volume during the intraday rally was low.
Don't believe me? Chart any of the major market ETFs (DIA, SPY, MDY, QQQQ, IWM) and you will see puny volume Monday followed by big volume Tuesday. Volume kept me comfortably doubting the rebound rally off the Libya lows of last week.
- from Sherlock Holmes