NASDAQ Composite Index Has The Strongest Distribution Day In History Today

I scrolled back as far as $IXIC would supply me data and I was unable to find a day that had this much volume at all.

I realize that this is just one single data point in a sea of data points, but this is a very strong one. This is not trading advice, but it is a word of caution for myself and to anyone reading this for the near term. Looks like the correction we are currently experiencing has suddenly increased the odds of IXIC and QQQ taking out the previous low soon.

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I will not be taking on any more risk in the near term, and if we get a a bounce tomorrow morning I may use it to go into all cash until conditions improve.

Update - All Was Not As It Appeared

Turns out that just about half of the volume came from six very cheaps stocks that traded obscenely heavily yesterday. Volume on the Nasdaq composite is not as reliable of an indicator that I thought it was. Check out this X post from Investor Business Daily’s Justin Nielsen.

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