Deron Wagner is the Founder and Head Trader of both Morpheus Capital LP, a U.S. hedge fund, and Morpheus Trading Group, a trader education firm launched in 2001 that provides daily technical analysis of the leading ETFs and stocks. Mr. Wagner teaches his trading methodology to nearly 3,000 subscribers of his free weekly newsletter, The Wagner Weekly, and is also well-known in the trading community for his subscription-based newsletter, The Wagner Daily, which provides daily technical analysis of ETFs and educational broad market commentary. In addition to publishing his daily commentary and analysis through Morpheus Trading Group, his work appears daily on several popular financial web sites.
Mr. Wagner also appears on his best-selling video, Sector Trading Strategies (Marketplace Books, June 2002), and is co-author of both The Long-Term Day Trader (Career Press, April 2000) and The After-Hours Trader (McGraw Hill, August 2000). He is also a regular contributor to Stock Futures and Options magazine, and has also written for Active Trader magazine. Past television appearances include CNBC, ABC, and Yahoo! FinanceVision. He is a frequent guest speaker at various trading and financial conferences around the world and can be reached by sending an e-mail to deron@morpheustrading.com or by visiting MorpheusTrading.com.
Turnover was slightly lower across the board, preventing the Nasdaq from registering a bullish accumulation day. In the NYSE, total volume was 10 percent lighter than the previous day's level.
Although yesterday resulted in a bearish distribution day on the Nasdaq Composite, volume still limped in below its 50-day average level, so it was not a massive wave of selling.
Although the major indices technically remain in their nearly week-long sideways consolidation patterns, yesterday was the second consecutive day that the broad market rallied late in the day to close near session highs.
The main stock market indexes have drifted in a tight, sideways range for the past four sessions. Since volume during this period has been light, it is a sign the bulls are merely sitting on the sidelines, rather than selling into strength of the recent move.
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