The Cumulative Tick looks constructive at the mid-day. This is usually a good sign of dependable strength through the day. It may help to break through the pivot point about here. We are technically oversold and still in a typically bullish period in-spite of all the hemming.
UPDATE I: One more thought, consider hedging towards the close today in the event of a sell off ahead of tomorrow's jobs data. Also, hard to know how the political caucuses will play in the days ahead. Anti-business rhetoric is a growing theme, and that can't help stocks.
2:30PM CST UPDATE II: Hope you read the first update earlier this morning... What was the tip? Just intuition based on the recent environment. However, you may have subsequently noted that:
- There was no relative strength among the leaders;
- The Russel struggled all day long;
- The VWAP (Correction: Tick) became erratic;
- The A-D line started to trail off; and,
- VWAP started to trend negative.
If the market sells off much harder, I'll think about going-long the overnight. Otherwise I'll sit tight.
3:50PM CST UPDATE III: Interesting comment on Bloomberg just now; did anyone notice how the VIX declined today? I admit I missed it until I heard it in the background... Hmm...
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