Morning Report – January 9th, 2014
Yesterday’s intraday battle was again one by the Bulls, at least in the large tech stocks. The NASDAQ chart shows that Wednesday’s candle closed nearer the high then than the low at 77.05% of its daily range. Some of the day was spent in negative territory, but by the end of the day the Bulls had absorbed most of the supply that was available, at least in the stocks they wanted to own.
Even though the internals, the advancing issues versus the declining issues, were slightly negative in the NASDAQ, the Arms Index closed at .6481 with advancing volume leading declining volume. This tells me there is selective strong buying in certain stocks. Read full report