After the long holiday break, the market decided to go down around 2:00 pm EST on Tuesday. Nasdaq is down about -22, S&P 500 is down about 11. The advancers to decliners ratio on both exchanges are horrible. It was 8 to 21 on the Nasdaq and 10 to 21 on NYSE. The up to down volumes are about 2 to 6 on both exchanges. The only good thing about this down market is the volume is very small compared to the normal trading day. I guess the traders are taking breaks away from the market. The hope for more rally this year is fading fast.
Stocks worth mentioning are:
(RACK), a developer of compute servers and storage systems, is advaning $2 on a very down market. A very bullish sign for the stock. It was mentioned as a stock to be watched on my weekend blog. Volume has picked up tremendously. The upside momentum is with the stock.
(TWGP), a wireless tower owning company, is making a new 52-week high today. The volume is 4 times the normal trading volume. No news for the stock today to push this stock upward. It is worth a closer look when the market is back with up momentum.
(NTRI), the weight management and fitness products and services company, is down about $3 today. It is at the support level of 50 days moving average. This company has advanced from about $3 at the beginning of the year to the high of $44 in recent days. It had a very powerful move for the year. I would not place this one on the long side. It is the one to avoid for longs. Technically speaking, I think it has further down side to come.
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