Adjusted Tick and A-D lines remain constructive, although their slopes have leveled off as the rally has paused near the respective 5-day MAs/ R1s. The market is trading very technically. I have trimmed my added exposure from overnight, but still hold net long. Of course, there will be noise surrounding the vote.
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10:05AM PST: Picked up a second bid just under the VWAP, a good sign though now we are bumping up against R1 again.
10:30AM PST: Attempt to sell the news here. I don't think it will work. Everyone is talking about selling the rallys on CNBC... this is a partial recovery from yesterday, hardly a rally... or maybe not. Who is that making "bombs away" whistles in the background?
10:45AM PST: Now I'm whistling.
11:25AM PST: If you hadn't guessed, the Tick and AD lines are now headed south, but with slowing momentum.
11:40AM PST: How did that Lennon tune go? "Nobody told me there be days like these... St--range days indeed; most peculiar, mama..."
12:10PM PST: Ted spread has only gone higher to 3.68 today.
CLOSE: Uggh. This is what happens when you have fearful longs and no fearful shorts (for lack thereof). The water torcher continues. Have a restful weekend and check in for the weekly wrap before Monday's open.
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