AI
Thursday, May 29, 2003 9:21:32 AM
Jerry, I think there was signs of distribution yesterday. The DJIA reached it's high at 11:58. We then spent the next 4 hours drifting back to opening levels. Many of those stocks hitting new 52 week highs closed with losses or near their lows.
Looking at the tick it appears that we had a fair amount of program buying that started at 2:00 to save the day. Without that, many more would have closed red. Looked what they did with the dollar at the same time. Look what happened to the dollar once the NTSE closed and it's strength no longer needed.
Looking at the tick it appears that we had a fair amount of program buying that started at 2:00 to save the day. Without that, many more would have closed red. Looked what they did with the dollar at the same time. Look what happened to the dollar once the NTSE closed and it's strength no longer needed.
Joe
Discover What Traders Are Watching
Explore small cap ideas before they hit the headlines.
