Tuesday, June 16, 2009

After hours

AlphaNinja - Not too much going on after hours.

The SEC, in a bold step, has barred Bernie Madoff from the securities industry...Good move.

Let's not shed too many tears about this multi-day pullback...The DJIA is off 4.4% from its high near 8900, yet we're still up 32% off the March low....

This pullback isn't even on decent volume. Today's average Dow stock saw volume 13% below the 3month average. Financials saw even less volume, off 40% from the 3month average. All that means to me is that short-sellers are more scared of upside than longs are of downside.

Bucking that trend is Microsoft, with volume up 60% over its 3month average, likely due to bullish sentiment and positive news flow. The stock was up 13basis points today in the midst of a sea of red, and has outperformed the indexes by about 9% in just five days.

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