It’s the time when people trade after a strong bull market is over and they see that their stocks are in a bear market. This is also what is known as the “high for long” or high for short” (i.e., the time of the month at which people trade stocks.)
The “high for long” or high for short is the point where the market moves back to its pre-bear market peaks in terms of its level of trading volume. But it also means that the stock market is very much higher than it was when the bear market began—more than $100 million in volume versus less than $50 million.
The high for long can also represent a “good day,” which is when investors sell stocks at a high price—either due to a big rally or because prices are lower than the high for long.
For example, last month, S&P 500 futures were trading at 1,061.52—roughly 20% higher than the high for long.
While low for long trading peaks are a regular occurrence around now, especially when people are selling off after they sell their shares at the high for long, the low for low in June is a little more unusual (as of this writing).
S&P 500 futures were trading at 991.85, a more than 17% discount from the high for low for short. And as with the June low for long, a relatively large amount of volume in this month’s low for low came from the long side, while lower trading volume came from the short side.
There is a big difference between a high for long and a low for low.
To understand why, think of the market as a “train” with a lot of cars on it. The cars are going so fast that there is a lot of room between trains. So when cars are at an unusually high speed and moving fast, things tend to change very quickly.
But at low speeds, it may be hard to notice. So cars are moving on the wrong side of the train. The cars are at a high speed and moving close together—and it’s easy to miss those cars because the distance between cars is smaller than that of a normal train.
If you’re on the right side of the train, however, it’s hard to miss the right cars on the left side of the train. You can’t miss them, because they’re too close together to miss, right?
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