Markets rallied today for the second day in a row, with very broad and large price gains. But what do these two days mean? Today's volume was higher than yesterday's on both the NYSE and NASDAQ, but they're both near their average volumes during the past few weeks of selling. In short, volume wasn't terribly impressive.
Looking at the table below, we see that market internals are not particularly strong.
| 11/27/2007 | 11/28/2007 | |||||
| NYSE | AMEX | NASDAQ | NYSE | AMEX | NASDAQ | |
| % Adv Issues | 66.0 | 43.1 | 54.1 | 84.8 | 67.0 | 76.0 |
| % Dec Issues | 31.9 | 49.7 | 42.1 | 13.6 | 27.5 | 20.8 |
| % Adv Volume | 71.8 | 72.6 | 79.0 | 94.8 | 87.0 | 88.1 |
| % Dec Volume | 27.2 | 26.6 | 20.1 | 5.0 | 12.5 | 11.7 |
| New Highs/Lows | 0.08 | 0.20 | 0.15 | 0.45 | 0.33 | 0.41 |
Advancing issues and volume were strong today, but advancing issues were weak yesterday. Probably the most troublesome is the ratio of new highs to new lows. Both yesterday and today new lows outnumbered new highs by at least a 2-to-1 margin! For what it's worth, today saw half as many new lows as yesterday. I expect some selling into this 'rally' later this week.
1 comment:
How have the various industries / sectors performed over the past two days? I wonder if the selling was concentrated?
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