Tuesday, October 20, 2009
Small caps continue to lag
Russell 2000 is down 1.5%, while the S&P 500 is down 0.65%. This continues a pattern of narrowing leadership in the market and small cap underperformance. The crowd is now rushing into tech and energy stocks and selling off other stocks to raise cash for those purchases. The market is teetering here, I believe there will be a top this week, either tomorrow or Thursday. I am still looking for heavy intraday volume and an intraday reversal to signal the top.
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2 comments:
cFor what reason are we gonna go up here dawg. All the titans of industry already posted their earnings?
Whose up next? Coke? Who cares.
I say we start going down now. Top was yesterday
Momentum. You don't just go straight down after a huge uptrend, I also didn't like seeing the intraday bearishness today that I saw on CNBC at the slightest hint of sell the AAPL news. I think there will be higher prices than today tomorrow to sell.
Traders are nervous ahead of WFC earnings, but once that is over with, bulls will rush in tomorrow morning at the open.
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