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MightyMo
MightyMo vip
P&P Score: 99.87   Points: 364.56   Accuracy: 62.36%   Average Pick Score: 1.24   Annual Return: 13.50% (59.28% since 1/3/08)  

MightyMo's Blog : Market afternoon madness

Date November 19, 2009    Comments Comments (8)    Recommended (76)   
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Anyone notice the change.

The market has shown strength the last three sessions...in late afternoon trading. Although the market dropped 90 plus points on Thursday, it continued a trend to move upward in afternoon trading.

Although the market dropped 90+ on Thursday, it's still higher than it was on the close last Friday.

In previous weeks, the market had shown strength many times in early morning trading only to frizzle later in the day.

Are we seeing some bargain trading later in the day? Now who would be doing this...the noted smart money or the dumb money. However you look at it, it is happening.

I have no idea what the market will do in the upcoming months. However, I still feel compelled to see it hit 10800 this year and possibly touch 11000.

By the way, I am in the process of setting up my own blog site on the web. We will be adding items to it as we progress. The link if you're interested is:

http://mightymo-market.blogspot.com/2009/11/short-term-trading-pulling-trigger.html





8 Comment(s):

Author TickerBandit     Date November 19, 2009 23:04 Abuse this post Report Abuse
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Mo,

I visited your blog. Looks to be off to a good start.

Regarding the afternoon rallies, the DOW really doesn't seem to want to go down. But today the percentage of NYSE issues trading above their 50 SMA's fell from around 73% to about 61%. Pretty sharp drop. The "broader market" remains weak.

That said, a similar drop in the same indicator occurred last week and the market shrugged off the weakness. Even so, these types of events are not commonly followed by near term market strength. A correction is above neutral probability. However, the rally could continue anyway.

Also about the rallies. I've been noticing all week that the selling seems to be brief but high volume while the the buying seems to occur over long drawn out periods on low volume. What do you think that means?
Author JoeJustJoe     Date November 20, 2009 08:21  Edited: November 20, 2009 by MightyMo Abuse this post Report Abuse
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I
Author MightyMo     Date November 20, 2009 14:34 Abuse this post Report Abuse
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Looks like the making of yet another late afternoon rally.......
Author BSNBC     Date November 20, 2009 14:40 Abuse this post Report Abuse
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I like your blog mighty Mo. i added it to my favorites list.

market is pretty tough right now. sometimes sidelines are best.
Author MightyMo     Date November 20, 2009 22:03 Abuse this post Report Abuse
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Thanks BSNBC

I have a new post today on the site:

http://mightymo-market.blogspot.com/

I've added some items and will continue to do so. Stayed tuned.
Author MightyMo     Date November 23, 2009 09:10 Abuse this post Report Abuse
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Tis the Season.........
Author JoeJustJoe     Date November 23, 2009 09:14  Edited: November 23, 2009 by MightyMo Abuse this post Report Abuse
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...
Author JoeJustJoe     Date November 23, 2009 10:19  Edited: November 23, 2009 by MightyMo Abuse this post Report Abuse
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