Your pop up blocker may be preventing the MarketSmith tool from opening.
Learn how to resolve this issue.
Yesterday’s market action was very constructive and today's follow on is also a positive. The majority of the leaders snapped back convincingly yesterday and also look good today. Try to re-acquire leaders that you were shaken out of, but be careful not to chase them when they become extended. We have seen several times in this volatile rally, where big moves to the upside contained sharp reversals on the way up. It’s a good idea to position yourself for the same kind of volatility going forward.
With the market back into new high ground, we are back in a confirmed uptrend. But keep in mind that it will be several weeks before any distribution days fall off. We are currently at 6, which is an elevated level. The Big Picture Column in IBD today discusses the distribution and reviews current short interest in the market. Make sure you look at the column if you haven't.
President, MarketSmith Incorporated
Follow Scott O'Neil at Twitter.com/WScottOneil
Hi Scott, I'm getting confused, do we look back 25 days or 30 days for the distribution day count? I thought it was 25 days.
@mmab33: Yes, 25 trading days.
I'm doing this wrong? According to my calculations, the 3/6 S&P DS should drop off today due to age and the 4/5 Nasdaq DD should come off because the Nasdaq hit 6% above its close today intraday already.
Well I did the Nasdaq 4/5 DD drop calculation wrong - it never hit 6% above its close today.
© 2013 MarketSmith, Incorporated. All Rights Reserved. MarketSmith® is a registered trademark of MarketSmith, Incorporated. All data provided by William O'Neil + Co. Incorporated unless otherwise noted.