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Market Action on Wed Nov 24

From: IBD Meetup Irvine/NPB L.
Sent on: Wednesday, November 24, 2010 9:39 PM
I had a meetup member call me today around noon wondering if today would be a Follow Through Day (FTD). My first reaction was no as the volume couldn't possibly surpass Tuesday's volume with the North Korea news. Lately the market has the tendency to create these scenarios where it is very difficult to interpret the action and a FTD on a pre-holiday light trading day is a perfect scenario to confuse the masses.

My own personal interpretation is that today would most likely have been a FTD if not for the fact that it was the day before Thanksgiving.

The paper has Market in Correction still.

From IBD...
"The Nasdaq jumped 1.9%, the S&P 500 and the NYSE composite 1.5% each, and the Dow 1.4%. All four major indexes have now found support at or just above the 10-week moving average.

Gains were broad. Advancing stocks led decliners by more than 4-to-1 on the NYSE and by nearly that much on the Nasdaq.

The IBD 100 surged 2.2%.

The chief drawback Wednesday, though, was volume. It fell across the board, which is typical for the day before Thanksgiving."

It will be very interesting to see when or if the indexes give a textbook FTD signal and if it does not, how the market acts going forward.

All the Best,

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