Watching grass grow would have been equivalent to sitting in front of a computer monitor following the stock market today. Nothing major, but conditions are starting to look positive for the bulls to put together a rally of some kind, as we saw a nice uptick in volume today, not a huge uptick, but a moderate one at the least, which could mean investors might be trying to buy stocks on the dip here.
The Nasdaq is trading off of an upward trendline, and the 50 day moving average, while the S&P saw some buying at the bottom of an established channel. All of these things combined could make for a descent swing to the upside. If this theory falls apart, it will become very easy to get bearish on the market very quickly.
For those of you who have sent us emails with specific trading questions in mind we’ll be getting to your questions in the next day or so. We’ll also be publishing this week, Shareplanner’s goals for the new trading year.
Here’s the NASDAQ chart…