Trader’s Narrative

Last week we looked at the NYSE cumulative advance decline line to see if the market internals were stronger than the range bound indexes. This is an important exercise because while indexes are useful, at times they can mask what is really happening in the market as a whole. While one data provider shows the […]

Here’s a quick update to my commentary yesterday about the NYSE cumulative advance decline reaching a new high.
Here is an operating company only cumulative advance decline chart for the NYSE (with thanks to a reader at Barclays Capital). As I surmised, it walks the middle ground between the all inclusive NYSE breadth and the Nasdaq […]

For more than a month now, the general stock market has been stuck in a narrow trading range. When I last looked at the technical outlook for December, I showed how it looked like a flag formation within a rising wedge pattern.
The longer we meander without really going anywhere, the more power we build up […]

The last time we checked in with Lowry Research was in late October and they were still confident in a continuing rally.
While still believing in the bullish thesis, at the same time, Lowry was cautioning that a pullback to the support area of 1045 was very possible. That was a prescient call as the S&P […]

Yesterday I wrote about the deterioration in market leadership and how this is the first stage of a top. If you missed that, go read it now as the following will make more sense.
As less and less individual stocks power the market upwards, the responsibility is shouldered by fewer and fewer stocks until they too […]