Sept. 8, 1999
I certainly don't like it when a market trades up and then closes lower on the day. That is not good action. It seems as though the buyers stepped away and stocks began to fall of their own weight. And with
, who has been the Price of Darkness of late, speaking on Wednesday, investors are nervous to commit new money to this market.
There was some good news in Tuesday's action, however. You can certainly see for yourself the increase in the stocks at new highs. Just a few short weeks ago, the advance/decline line would have been much worse than yesterday's performance.
More importantly, I didn't notice anyone making a fuss over the
action. It was not only up on the day, but it also closed on its high. I find this important because it's a small-cap, broad average. It has now surpassed, if only by a hair, its Aug. 25 high. That is something that neither the
has managed. And I think that's worth watching.
New Highs and New Lows
Cumulative Advance/Decline Line
Helene Meisler, based in Singapore, writes a technical analysis column on the U.S. equity markets on Tuesdays and Fridays, and updates her charts daily on TheStreet.com. Meisler trained at several Wall Street firms, including Goldman Sachs and Cowen, and has worked with the equity trading department at Cargill. At time of publication, she held no positions in any securities mentioned in this column, although holdings can change at any time. Under no circumstances does the information in this column represent a recommendation to buy or sell stocks. She appreciates your feedback at