Wednesday, October 29, 2008

10.29.08 - Equities Flat on Rising Tick

So far we are fairly range bound around a flattened VWAP even as the Cumulative Tick and AD lines begin to pick up speed. Positive volume is also outpacing negative. The next few days will be interesting with the Fed announcement today, GDP and Initial Jobless Claims tomorrow, and the end of month upon us. VIX is actually higher by a hair at 68.8, but off its highs.

o Federal Reserve Site
o WSJ - Money Flows

10:10AM PST: Noise is picking up even as the day retains a bullish profile. If we close much higher today or in the days ahead, I may consider selling way out-of-the-money calls against some of my positions. Temporary resistance at the falling twenty day moving average.

11:40AM PST: Although technical support broke, be careful of directional bets short of playing the noise. Actually seeing a suportive volume spike into the weakness. Rolling again... very noisy, as expected.

12:55PM PST: Couldn't bust S1 R1 and everyone hedged, put shorts on at once. I'm shocked, shocked. ;-)

o Traderfeed - Sector Performance Reversals

Never Investment Advice

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