Monday, March 5, 2007

Dow Head Fake?

Be careful folks. Yes, there have been a smattering of 1000+ ticks today and the Dow is higher, but market internals are crummy.

Looking at the NYSE, breadth is bad - running at 25 to 7 negative which is a broad based sell off. Volume breadth is also in bad shape with declining volume running ahead of advancing by a 746 mln to 167 mln. So far today new lows has eclipsed new highs by a margin of 107 to 26.

Nasdaq breadth is 21 to 7 negative as well with over 150 new lows, 47 new highs.


Themis said...

Yes I have seen the whipsaw like action. The close maybe back where we started today?

Jim K said...

ALready back to little changed on the Dow. close could be worse if breadth and other internals don't get better.