Market comment for Nov. 9th
In the first several hours of trading this morning the Put to Call ratio was 0.59 and 0.60, which again is relatively low for the past 7 months. The markets are negative at this time but not by a lot. The Dow is down 35 points as I type this. This morning Wholesale Inventories data for Sept. was released. It was up 1.5% while expectations were for 0.6%. The month of August was revised upwards as well from a reading of 0.8% to 1.2%, which means inventories are building.
Yesterday's Dow candlestick pattern was a Hammer, which usually means a reversal to a trend. This is consistent with the Put to Call ratio going low and signaling a sell reading. Additionally, Insider Selling has increased as well.
Yesterday's Dow candlestick pattern was a Hammer, which usually means a reversal to a trend. This is consistent with the Put to Call ratio going low and signaling a sell reading. Additionally, Insider Selling has increased as well.
Labels: candlestick pattern, Dow, Hammer pattern, Put To Call ratio, Wholesale Inventories
posted by Charles Amico at 9:25 AM
2 Comments:
If the market is looking to reverse. Then what type of reversal do you see ahead? your personal view. Will a bull market emerge from this?
I do not see a Bull Market emerging until we have had a major correction in the market. The stock market is overvalued no matter what measures you choose to look at historically. But what do I know! :)
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