A phony rally? This is why pros do not like the Dow: As of this writing, the Dow has moved 60 points in the past 45 minutes, it is now up 40 points for the day, but wait a minute: there are 2 stocks declining for every 1 advancing at the NYSE!
A little bit of volatility has definitely helped volume: Consolidating trading on the NYSE is already over 5 billion shares. The 5-day average is now over 6 billion shares for the first time in a long time.
Strong volume in the major index ETFs:
- SPDR ETF,
- iShares Trust Russell 2000,
- PowerShares QQQ Trust,
- and continuing strong volume in the Financial Select SPDR, the basket of financial stocks.
More Market Insights:
- Dow Gains as SEC Vote Boosts Goldman Shares
- Are Small Investors Doomed on Wall Street?
- Why Goldman Sachs Stock Is Still a 'Buy': Bove
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