Stock Market Summary Wednesday August 1st 2012

Posted by Stephen Sutherland on Wed, Aug 01, 2012 @ 10:35 AM
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Yesterday's market action was positive.

The Nasdaq Composite pulled back 0.2% in above average volume (Point A). 

In the last two days, the Nasdaq has bullishly refused to give away the big gains it made last Thursday and Friday (Point B).

Leading stocks action was positive.

With the Nasdaq guarding its recent gains, it could be a sign that it's about to attempt an upside breakout. The other scenario is that it may need to continue to consolidate and shuffle sideways for a while before finally making its move. Either way is fine with me. Corrections always end and it's simply a patience game.

Once the market has had adequate time to rest and recuperate from the 36.3% gain it made from the 4th October 2011 to the 27th March (Point C), it will then make its next move northwards.

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Topics: Stock Market Summary