Scalper1 News
Major averages ended mixed yesterday on lower volume. Despite the uneven and flattish action of the indexes, declining stocks led advancing stocks by nearly 2-1 on the NASDAQ and 17 to 13 on the NYSE. Internally, the market is correcting, despite the fact that the indexes continue to make or hold up at new highs. A number of big-stock leaders have remained weak, such as Facebook (FB), which is currently stuck in what appears to be a bear flag following its post-earnings gap-down and late-stage breakout failure in late October. Yesterday FB reversed on increased selling volume, and investors should watch for a downside “breakout” in FB. With Japan back in recession despite their aggressive pro-QE “Abenomics” and Europe teetering on the brink of a third recession since 2009, the global economy remains stuck despite all the central bank QE-driven easy money policies. As it has been said, we’re in uncharted territory. As always, let price/volume be your guide when going long or short, but know there have been plenty of profitable opportunities even in this uncharted environment. Scalper1 News
Scalper1 News