An Elliott Wave Principle buy signal has been generated for these companies-
1) NYX
2) GOOG
3) AYE
4) ARE
5) FXC
6) AKS
7) AAPL
While their pattern is much different from that of the S&P or DJIA, this differentiation in pattern leads me to conclude that the prospective rally may not be broad based.
The volume going into declining equities in the U.S spiked to a 38 day high Wed Jan 14th, 09. Not since Nov 20th, 2008 have we seen this much volume flow into negative issues. The Nov 20th volume which was 17% higher, pushed the Dow Jones Industrial Average to a low of 7,506. This last week, the volume spike placed the Dow at a low of 8,140, an amazing 634 points higher than the comparative low. This type of market action is indicative of very large buyers stepping in right now to absorb the selling pressure.
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