As the market keeps extending its rally, I remain wary of a meaningful pullback, but so far, the market has continued to zombie-walk its way to new highs. The trend is persistent enough to also bring up the possibility of a parabolic sort of resolution, that is a blow-off move higher. I characterize the current rally as a zombie-walk because of the uneven action on the way. High-volume stalling... Read More

The market wedged four days of sharp upside in between two Friday sell-offs by selling off at the end of the week. The NASDAQ Composite Index, the leading major market index, is following up Wednesday’s higher-volume stall and churn with a small roll off the peak on Friday on lighter volume. From here, I would not be surprised to see at least a test of the 10-dma/20-dema confluence.   ... Read More

Had I blogged near the close on Friday that members should scoop up stocks with both hands as the bell approached, I likely would have been written off as a nut job. And as I wrote over the weekend, Friday’s big volume outside reversal on the NASDAQ Composite Index looked like a train I wasn’t willing to stand in front of. While it would have certainly sounded crazy at... Read More

More craziness marked the final two trading days of the week, but the essential message remained the same: This market is coming down. The clues were there, most notably in how important groups like the semiconductors and financials started to break down over a week ago. Nevertheless, extreme intraday volatility made the market a tough nut to crack on Thursday before things finally resolved... Read More