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OnIslandTrader's Blog : Bounce in progress but...

July 12, 2010

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For the original article with charts go to
http://blog.onislandassetmgmt.com/?action=view&url=bounce-in-progress-but
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Can we get a little volume here? I know we're in the slow summer months but volume was dismal in last week's rally. Just look at how volume dried up as the week progressed in the chart below:

All we know for now is that a sentiment driven dead-cat bounce is in progress. Whether that bounce will lead to further buying or prove to be a gasp for air before diving deeper is unclear. Hopefully this week will provide a few clues.

For now remain hedged and continue looking for promising stocks among the rubble. Universal Display Corp (ticker PANL), a leading OLED lighting and display company we highlighted back in May, is doing just fine despite the troubles affecting the broader markets.

http://blog.onislandassetmgmt.com/?action=view&url=universal-display-finally

Tags : SPY IWO PANL

1 Comment(s):

Neurodoc

July 12, 2010 14:34 Abuse this post

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I agree that a strong follow-through day is needed this week to support the rally but doubt it will come.

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