Monday, May 6, 2013

Market LookBeck

Dow Jones Industrial Average 14968.89 -5.07 -0.03%
S&P 500 Index 1617.50 3.08 0.19%
Nasdaq Composite 3392.96 14.33 0.42%
Nasdaq 100 2955.36 10.77 0.37%
Russell 2000 959.80 5.38 0.56%
Spot Gold 1469.15 -1.60 -0.11%
Crude Oil 95.73 0.12 0.13%
NYSE Overall Volume 3,048,552K n/a -14.98%
Nasdaq Overall Volume 2,075,865K n/a 19.56%
NYSE Breadth 1.92 : 1 positive
Nasdaq Breadth 1.64 : 1 positive
NYSE Breadth Ratio 65.74
Nasdaq Breadth Ratio 62.19
NYSE Advancers/Decliners 630
Nasdaq Advancers/Decliners 485
NYSE Trin 0.80
Nasdaq Trin 0.92
$VIX 12.66 -0.19

MONTHLY - Bullish - Fifth consecutive bullish monthly bar close with higher high.

WEEKLY - Bullish - Large gap and hold on Friday causes weekly bar to have a large range expansion to upside. Continued new higher all time highs on this timeframe.

DAILY - Bullish - Two day balanced range after large gap higher.

Our statistical tracking of the ShadowTrader Sector Trend Scores has triggered a short term bearish signal for the broad market as of Mondays's close.
This indicator has been correct 48 of the last 69 signals as a predictor of a forthcoming short term move by the broad market. An indication is credited as being successful if within three trading days of the alert, the SPY closes below the closing price of the day the alert was triggered.

dWbstreet's take...
Be very, very careful here guys...The volume on the NYSE was down 14.98%. The market continues to climb, but the pretty candle and volatility expansion had no legs, which you should soon see. The market could very easily continue to newer highs; however, these moves are a lot of the time short covering. If there was real conviction on the move, you'd see way more volume. So they will continue to offer guidance of 1900 on the S&P 500, so you get left out there holding the big empty bag. Further, even if you are out of this market, when liquidity dries up, make sure you can get your money no matter what. If you have questions about how you can learn more about that specifically, email me. Just remember, it is a lot easier to sit on the sidelines and watch with no risk, as the market goes higher; as opposed to getting punished as the short sellers pile on and you take a huge loss. Anyone that cannot see what is really happening here has some enormous blinders on. Just like the real estate market, it is unsustainable. The market is already up 13.5%, another ten last year, and they are talking about all the way to 1900. Just be careful out there traders.