Light selling, but not enough to threaten breakouts

Friday's GDP data didn't rock the boat too much, and by the close losses were light and inline with profit taking.

The only warning sign was a 'sell' trigger in the Nasdaq Percentage of Stocks Above the 50-day MA. Unusual in that the Nasdaq has been the high flyer of the indices in recent weeks. Breadth metrics for the Nasdaq need to be watched closely should such weakness expand.

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Second Day of Quiet Action

The S&P lost a little, the Nasdaq gained a little, but there was no change in the larger picture.  The S&P registered a distribution day, of sorts: volume climbed, but as the index finished with a doji it doesn't really qualify as a heavy sell off day. The selling volume was enough to generate a 'sell' trigger in On-Balance-Volume too, but the whipsaw risk is high.

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Stall in Action

Not a day to get excited with. It would be pointless to say too much, so here are the charts:

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I'm on eToro

I'm looking to give eToro a spin for fun. I emphasis the 'fun' because I will only be working with an account of a couple $100 and my positions will be small (about $20 a pop). If you wish to join me, follow this link. Financial sites regulated by small islands are not my idea of financial well being (although we won't mention FXCM), so I will be keeping my account small and I recommend others to do likewise.  The aim is to use eToro as a call tracker with real money, even if the gross amount is tiny.

I'll be using it to trade FX, Indices and Commodities, with some stocks (of the limited number they cover).

If you already have an eToro account, feel free to follow me.



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