MARKET COMMENT
November 6, 2008, courtesy of Dave (Angel) Fry, at ETF Digest
There was some feedback yesterday’s image was a little over-the-top. So, I’ll be a good boy today and not try to offend the sensitive among us since the markets are offensive enough, right?
There’s a lot of ink that this post election market is one of the worst in history. But, perhaps a little perspective is in order. When the current president [we can’t use his name] first won in 2000 we were entering a bear market that began with the dotcom collapse [you remember that I suppose] and on into a recession.
Volume picked-up some today with more selling and breadth is as negative as you might expect. As it turned out yesterday was a 10/90 day as declines and volume were that negative. ETF Digest subscriber and blog reader David Hurwitz was kind enough to assemble this volume and breadth chart for us and it confirms another 10/90 day. Thanks Dave!
The market’s action is violent and we’re looking for calmer conditions like a sea captain looking for calmer waters. For anyone wanting take and hold positions with reasonable stops market volatility won’t allow it. Overtrading would be the result not to mention some lost sleep.
So, that will do it for us today and you see I’ve been a good boy!
If you’re interested there’s a 10 question and answer interview session we just completed with the Kirk Report with link highlighted HERE. Charles Kirk is one of our favorite people and we owe him a special thanks for all his hard work not to mention the interview opportunity.
Have a pleasant evening.
Disclaimer: The ETF Digest maintains no positions in any of the highlighted securities.
