Hey BiggDaddy,I would certainly agree there. With what initially...

Hey BiggDaddy,

I would certainly agree there. With what initially looks to appear like a strong reversal of trend in the market you would expect to see some weight behind the volume. However most of the bluechip stocks I have been looking at are trading on light volume.

I think we might find this could be a nice artificial push up to put a squeeze on the some shorts.

Here are some bluechip stocks with both the 90 day moving average volume and todays current volume to give you an idea :

BHP
90 day moving average = 13.3 million
todays volume so far = 7.8 million

CBA
90 day moving average = 3.3 million
todays volume so far = 1.5 million

NAB
90 day moving average = 5.8 million
todays volume so far = 2.8 million

WBC
90 day moving average = 7.6 million
todays volume so far = 4.0 million

I cant see too many traders wanting to hold for such a prolonged period over the holidays so it will be interesting to see what transpires at the end of the day...