Well, that sure is not how you like to close them. Especially with volume picking up there while we sold off right after hitting the 200 day moving average on the Nasdaq. The good news is that the market still gapped high enough in the morning that all major market indexes were able to close with gains. But there was a negative blip in regards to leading stocks as the IBD 100 fell 1.2%.

There is no other way to spin today’s action other than it was downright ugly. However, after going over my personal holdings and seeing how few stocks needed to be sold and how few actually fell on higher volume, it became clear to me that I am going to have to see more selling to confirm that this short uptrend is dead.

It was yet another very low volume market session that really proved nothing today that we did not already know about this market. The one bright spot that occurred today that was noticeable to me by the action in the stocks that were showing up on my price/volume scans. The IBD 100 gained a very impressive 1.5% compared to the overall market which was slightly lower across the board.

It was another overall boring session to end the week but despite the overall boring tone to Friday’s session it was still a bullish session underneath as many stocks had solid sessions and many stocks that I was long had a very positive session. This kind of action on a do nothing day is just what I like to see in a market that refuses to do much.

I was impressed by today’s stock market session, especially when it came to leading stocks, tech stocks, and even more specifically semiconductor stocks. It was amazing to get a rally in such high-tech group of stocks. What made today’s rally even better was that volume increased on the Nasdaq and was above the 50 day volume average for the fifth time in the past few weeks.

The market did not do much of anything today as we all bide time ahead of the release of Q1 GDP and the FOMC interest rate decision. About the only market moving news today was the talk of V and MA earnings. Both of those stocks produced excellent action today in their respective security, with MA now giving me a 450% return in a little under two years.

It was another typical day that we have seen recently where not a lot gets accomplished and we pretty much just give back whatever happened the day before in the opposite direction. Still, I do believe, that today’s gains coming with higher volume is a positive overall.

Today was not that bad, overall, minus a few stocks that were completely earnings related. However, the fact that volume did in fact pick up is still none-the-less technically a distribution day. Still with volume well below the 50 day volume average, it sure is hard to get too bearish over a day like this.

The morning got off to a good start as the indexes gapped higher and started off strong right out of the gate, with the Nasdaq leading the way higher with a 1% gain. After that, sadly for the bulls, it was nothing but a slightly choppy ride lower with the market selling off the entire way lower with the 1% gain in the Nassy turning into a .9% loss by the EOD.

It has been awhile since I posted an article on NYSE. I have been touting this stock since it was trading as Archipelago Holdings (AX). The stock has been beaten up pretty bad over the last several months (-20%), leading to a trailing 52 week performance of these shares of -28%.

It looks like we have reached an all time short interest level in the NYSE as of February 15.

Interesting day today for NYSE Euronext. They are down another 2% today. The reason it is so interesting to me is that they just announced that 2007 trading volume rose across all its major platforms.