Tuesday, August 7, 2012
Ready, set, chop...
The market continues to chop it up here, but at least the range is better than yesterday
Volume is coming in better as well, as the Bulls are continuing to fight here, trying to stay above 1400 for the close.
We could see some fireworks into the last half hour, but I'm not counting my chickens before they lay their what do you call them
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Volume is coming in better as well, as the Bulls are continuing to fight here, trying to stay above 1400 for the close.
We could see some fireworks into the last half hour, but I'm not counting my chickens before they lay their what do you call them
tiny
Let's look at these 2 scenarios...
We have eased off the highs after coming just shy of the May 1st levels, basis the S&P Futures.
We are now creeping down towards the high volume level of the day, which is 1399.25. If/when we get there, two things could play out:
We stop there and get a bounce back to the highs OR we slow down, build some value and then trade lower, to the open first and then yesterday high volume level at 1394.
Breadth is still ok (currently just over +1k), but like yesterday, is easing off it's best levels. This will have change to give the Bulls a shot in the arm.
tiny
We are now creeping down towards the high volume level of the day, which is 1399.25. If/when we get there, two things could play out:
We stop there and get a bounce back to the highs OR we slow down, build some value and then trade lower, to the open first and then yesterday high volume level at 1394.
Breadth is still ok (currently just over +1k), but like yesterday, is easing off it's best levels. This will have change to give the Bulls a shot in the arm.
tiny
First hour is in
With yesterday being a narrow range day, we have to watch for a first hour breakout/breakdown that actually catches some momentum to see if we have a trend day
currently, we are at the highs, so a breakout is more likely than a breakdown, but for aggressive Bulls, the question has to be whether it will stick or not.
So far, the only shorts that are trapped are the ones that sold the open, the 1400 (basis the S&P Futures) sellers have not been punished yet, but another have the late to the 1400 party buyers.
It's another chopperific morning, but as I said in my video last night, I'd rather see a morning consolidation and then an afternoon expansion in volatility.
Of course, what I'd rather see is not what happens, sometimes the market doesn't get my memos!
tiny
currently, we are at the highs, so a breakout is more likely than a breakdown, but for aggressive Bulls, the question has to be whether it will stick or not.
So far, the only shorts that are trapped are the ones that sold the open, the 1400 (basis the S&P Futures) sellers have not been punished yet, but another have the late to the 1400 party buyers.
It's another chopperific morning, but as I said in my video last night, I'd rather see a morning consolidation and then an afternoon expansion in volatility.
Of course, what I'd rather see is not what happens, sometimes the market doesn't get my memos!
tiny
Looking for 1400
No fade of the open, now looking to see if they try for 1400, basis the S&P futures (they are already there on the cash)
tiny
tiny
Gap up
Not a huge one, but one that qualifies as a potential fading op here as we take out yesterday's highs
Are they going to go to 1400 first or will they fade it off the open?
tiny
Are they going to go to 1400 first or will they fade it off the open?
tiny
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