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Two cents from yesterday plus two more cents today:
The VIX and MVI pictographs are pretty much unchanged from Monday.
Tuesday was down then up as expected. Wednesday looks to be steady to
higher. All the market needs is 812 more issues up than down and the
issues oscillator will be sitting on the zero line. Have been told that
some institutions use the McClellan Oscillator zero line crossings as a
trading signal. Buy when it traverses from negative to positive and sell
when it the oscillator crosses back to negative. Thus we could see an
acceleration in price with an upside breakout and an expansion in issues
and volume in the coming days. Some hesitation will preceed each
government report and then off to the races it will be. The last hour
price action looked favorable to a continuation on Wednesday. The last ten
to fifteen minutes of futures dropping the PREM into sell program territory
is more a reflection of daytrading phenomena than an indication of the day
to day trend. The TICK closed strong. TRIN was not as enthusiastic as it
should be, but one day at a time as the seasonality momentum builds. No
matter how bearish you may be it is best to wait until this seasonality
tide goes out before trying to short it. The market is going up dragging
the bears snarling and clawing along with their paws pointing at
divergences that eventually lead to failure in trend. There was no
significant change in the VIX and Modified Volatility Index on Tuesday.
The readings are the same as for Monday. That is why it is believed that
the seasonality will carry the market for the next week.
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