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Market Internals Weakening

Posted By Barry Ritholtz On August 7, 2003 @ 12:22 pm In Finance | Comments Disabled

Chart of the Week:

Market Internals beneath the surface continue to soften, suggesting more near term corrective activity. Increasing 30-Day New Lows is a sign of a weakening tape. The NASDAQ, whose gains were much greater than the SPX or DJIA, has started its’ correction; The broader market has hung in better.

30-Day new lows S&P500
New lows.jpg
Source: Technimentals [1]
Technimental’s Kevin Lane notes “Bullish eco-reports, seasonality and the election year suggest the October to December period however should bring higher highs but with internals weak and weak seasonality trends in place (August-September) don’t be surprised if we correct more.”

Random Items:
Does the Fed matter? [2]
Silly season not good for stocks [3]
Shortchanging Security [4]
The Amazing Disappearing Tax Revenue [5]
Boom or mirage? [6]
Dividend Mania: New Corporate Contagion? [7]

Quote of th day: “Consumers need to have incentives beyond tax cuts, 0% financing and superbargains. They need job and income growth.” -Ethan Harris, Lehman Bros, WSJ [8]


Article printed from The Big Picture: http://www.ritholtz.com/blog

URL to article: http://www.ritholtz.com/blog/2003/08/market-internals-weakening/

URLs in this post:

[1] Technimentals: http://www.Technimentals.com

[2] Does the Fed matter?: http://money.cnn.com/2003/08/07/commentary/bidask/bidask/index.htm

[3] Silly season not good for stocks: http://cbs.marketwatch.com/news/story.asp?guid=%7B38031715%2DE0B1%2D4679%2DAD69%2D67132F12C152%7D&siteid=mktw

[4] Shortchanging Security: http://www.nytimes.com/2003/08/06/opinion/06WED1.html

[5] The Amazing Disappearing Tax Revenue: http://www.washingtonpost.com/wp-dyn/articles/A48107-2003Jul25.html

[6] Boom or mirage?: http://money.cnn.com/2003/08/06/news/economy/business_spending/index.htm

[7] Dividend Mania: New Corporate Contagion?: http://online.wsj.com/barrons/article/0,,SB105847708519474200,00.html

[8] Ethan Harris, Lehman Bros, WSJ: http://online.wsj.com/article/0,,SB10596897338337800,00.html

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