Stock Market Summary Wednesday August 8th 2012

Posted by Stephen Sutherland on Wed, Aug 08, 2012 @ 10:27 AM
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Yesterday's market action was positive.

The Nasdaq Composite rose for a third day in row gaining 0.9% in above average volume (Point A).

The greater than average trade levels suggested that institutional investors had regained their appetite for stocks.

The move on the Nasdaq helped it break through the magic 3000 price level, an area it had been struggling to get through over the last month (Point B).

Leading stocks action was positive.

With the Nasdaq breaking back above 3000, it's helped the market's health shift up a gear.

Due to this I've changed my short-term stance from neutral to bullish.

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Topics: Stock Market Summary