Reflections on Volume

Big volume without further upside equals distribution
Big volume without further downside equals accumulation

Volume tends to peak at turning points
Volume often precedes price movement
Volume is a relative study

Wednesday, January 30, 2013

Stocks Finish Higher; Dow Nears 14,000

Stocks closed higher on Tuesday as the Dow marched toward the 14,000 level and investors looked ahead to Wednesday's Federal Reserve policy announcement.
A gain in the energy sector following strong earnings from refiner Valero and big gains in the pharma sector after Pfizer's solid earnings report supported stocks.

The Dow Jones Industrial Average rose 72.49 points, or 0.52 percent, to close at 13,954.42, lifted by big gains in Pfizer and Verizon. Hewlett-Packard lagged. The Dow has not closed above 14,000 since October 17, 2007.

The S&P 500 gained 7.66 points, or 0.51 percent, to finish at 1,507.84, while the Nasdaq shed 0.64 points, or 0.02 percent, to close at 3,153.66 as disappointing earnings weighed on tech stocks.

The CBOE Volatility Index (VIX), widely considered the best gauge of fear in the market, traded near 13.

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