>>if you look at the UP day volume its stronger than the down day volume the past couple of weeks overall...looks like accumulation to me.<<
Last week up vol was 4.810 bil, down was 4.451 on the Nas. Down was 4.451. Advancers were 1963 and decliners 1751.
This week up volume was 6.418 bil, down was 1.733 bil. Advancers 2000 to decliners at 1725. Breadth did not expand much at all.
Although my bias may be showing, it appeared to me that we saw some distribution. I follow the Nasdaq NMS tick. Looking at that indicator alone, one would have thought the market was being sold. What I saw was several strong moves up on narrow breadth. Very selective buying. I my opinion, the PPT ran the market last week. I know a couple good future traders. They just threw up their hands last week and stepped aside because the market was so "rigged". Of course that 20 point gap Thursday,( on AMAT's great report and vision of the future) helped the charts out a good bit. Nice paint job in my opinion. Color me "skeptical".
Joe
