Definitely some wily moves in equities in yesterday's trading. The day's trading began strong on the news (noise event) that Summers withdrew himself from nomination for the Fed's chairmanship. After popping more than 1%, traders spent the rest of the day primarily selling into the strength, In my mind, this move was a rejection of the high. Additionally and although the S&P 500 gained about 60 basis points in value, overall volume levels were light. The price performance data table is shown below.
Turning to the price/volume heat map, there was some fairly wide divergences apparent in yesterday's trading across the market and the sectors, which are easily seen by scanning the price performance above and comparing it the heat map below. Overall, the demand picture was mixed.
Turning to the price/volume heat map, there was some fairly wide divergences apparent in yesterday's trading across the market and the sectors, which are easily seen by scanning the price performance above and comparing it the heat map below. Overall, the demand picture was mixed.
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