Hi Everyone
Last week’s Jobless Claims and PPI (inflation) figures came and went without too much fuss, with the markets trundling upwards but with low volume.
What’s interesting is that the OVI for both the S&P and the Dow is subdued, despite the steep upward retracement of the last two weeks. This, along with the low volume participation makes me wary of the upturn. Any long positions should have tight stops at this time.
S&P OVI Chart
DOW OVI Chart
NASDAQ OVI Chart
GS OVI Chart
GS is looking very messy and it’s interesting to note that the financial stocks didn’t participate much in the recent rally.
Take a look at GS on a weekly chart … looks like a bear flag doesn’t it?
All the best
Guy
