What Does That Mean?

On Thursday, winners beat losers by a 7 to 2 margin at the NYSE and by roughly 2 to 1 at the Nasdaq. Advancing volume took a commanding 77.8% share of composite NYSE-listed trade and a 67.4% share of composite Nasdaq-listed activity. Most importantly, aggregate trading volume on a day over day basis, was up 12.1% for NYSE-listings and up 5.2% for Nasdaq-listings.

For the third time since the start of November, or really since the three-month rising wedge pattern closed, the Nasdaq Composite has presented us with a potential "Day One" changing of trend. The first two of these, while not really changing the landscape for investors, have worked marvelously for traders. As we see so far on Friday, this change in trend has worked as it techncially should, yet again.