Securities Research Services

Friday, June 22, 2007

A Wild Accumulation Day

Market indices did indeed quickly find support after Wednesday's sell off. Yesterday's report explains why.

After all the distribution days lately, it's interesting to note that yesterday was one of the strongest accumulation days of the year. In fact, it was the strongest accumulation day of the year for the QQQQ, which left a buying tail at its trend line; strong, strong confirmation of the uptrend. And it was one of the top 3 accumulation days for the SPY, which left a similar buying signal at its trend.

It looks like we could get a summer rally.

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