8/7 - Weekend Commentary

What a wild week…

The market closed the week up the DOW closed above its 200-Week MA since mid-June.  However, while all of ST price action is positive, the volume is not.  This week’s volume that led the DOW to a close just barely above its 200-Week MA was lower than last week’s.

Though the ST trends are showing promise as they head into, and in some bases through, ST resistance levels, the volume on up days continues shrinking.

This still is a market very much on the edge, and it is very difficult to predict what it might do next.  And some complacency has also set in as the market bolts 200 - 300 points higher one day, and then 100 - 200 points down the next…  That would suggest a higher VIX level than we are seeing and it just continues to fall.

That is a bit troubling.  It just seems like we need to see some big, strong move in some direction sometime soon.

But maybe we’ll just keep slogging along higher or sideways until real trading returns in September…?  The the real fun will start.

Everyone have a great weekend.

Coach BD