23-Dec

No Christmas spirit from Mr. Market

Very light volume and mostly dull day of trading. What action we got was downward pressure. Tomorrow market are only half a day and then will be closed Thursday.The news continues to be poor as The National Association of Realtors reported that sales of homes and condos fell a worse than expected 8.6% for November.Technically we slowing eating thru technical support levels. We will see if Santa can give a little life to this market. I am watching the 850 levels for some support.In the Percent of Upside volume chart, you can see the MA has backed off the 55% levels. We need to see some strong upside soon.This light volume rally has made prices feel like we are endlessly basing and this tires people out. NH_NL continues to flat line. The only way it can tick up is NL to contract. The average NL for the past month has been less than 190. There are only approximate 2% of the stocks within 10% of its 52 week high. Thus you can see the NH number will not expand in great numbers anytime soon. As time passes the 52 week high levels will drop lower and the ceiling will not be as high.

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