While we've had a head spinning rally since late Tuesday, the market still is not overbought on a lot of secondary indicators - I've thrown RSI and a stochastic oscillator below as examples. A very quiet day today, consolidating this huge move and where S&P 1188 was held, would have been a victory for the bulls. So far it's even better than that, with the NASDAQ green most of the session, and the S&P 500 well above that 1188 level now.
Volume continues to be light, but I'm training myself in 2011 to forget everything I learned about volume the prior 10+ years, since this new era market laughs at the need for volume to confirm. Eight robots trading amongst themselves changes things I suppose.
With little in economic news, other than a rumor out of Europe not much to move the market. If the S&P 500 can advance to that 1220-1225 level in the next few sessions, that would seem to set up a very nice opportunity for selling/shorting in the very near term, as most of the secondary indicators should be screaming overbought by that time.
Risk on!
Tuesday, October 11, 2011
Good Action this Morning
Posted by
Mark
at
10:35 AM
Good Action this Morning
2011-10-11T10:35:00-04:00
Mark
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Good Action this Morning
2011-10-11T10:35:00-04:00
Mark
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