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[RT] S&P Volume



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I was surprised to find that when I updated my S&P volume indicator to see that it is showing a negative bias for tomorrow.  The volume indicator is below Friday's close while the S&P is above (see attached). 

The volume indicator is comprised of industry volume that is weighted to mimic the weight of the S&P component stocks.  In addition the indicator reflects the volume of several thousand stocks not just 500.  For some time now I have been attempting to track the market by tracking and combining the individual component stocks that make up the indexes.  Naturally I first tried the 30 stocks of the DJIA and then the 100 stocks of the OEX. 

I abandoned this approach when it became apparent that the price and volume movements of the large cap stocks that comprise the the major averages are more random than a typical mid-cap stock.  I believe that program trading and index fund buying/selling is responsible for this element of randomness.


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