Notable New Highs — June 8, 2006 | Home | Second- and Third-Order Thinking

June 9, 2006


Hammer Time and Heavy Volume

A “hammer” formed in just about every major stock index today, almost all on unusual volume. The QQQQ traded 280,562,157 shares which is over 2.5 times average volume. The bulls have drawn a line in the sand.

To quote the great Walter Sobchak:

I’m talking about drawing a line in the sand, Dude. Across this line you do not pass.

QQQQ

This entry was posted on Friday, June 9th, 2006 at 7:39 am (utc+8) and is filed under Trading and Investing.

One Response to “Hammer Time and Heavy Volume”

  1. Bill said:
    June 9th, 2006 at 8:42 am

    That’s the biggest daily hammer I’ve ever seen on an index - looking at the past few years - the huge TRIN surge that occurred this morning is often found NEAR market bottoms - even if it is only a short term bottom. Fund managers might like to finish the 1st half of the year in the black.

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