Thursday, October 30, 2008

10.30.08 - Adjusted Tick Remains Positive

Adjusted tick remains positive, albeit wending and weaving as price has trended lower. There was also a large supportive volume spike as price took its last dive to yesterday's lows. This tells me that, although we remain overbought, there may be some level of accumulation occurring "under the hood".

Never Investment Advice

10:35AM PST: Hope you are still using active money managment in this environ. It might feel whippy and you'll get nicked alot, but it will save you on the big moves. Trend still holding after/but some resistance at the VWAP... looks dicey again... not breaking down though. VWAP appears key here though tick still accumulating and volume positive. Welcome to the "hard right edge"!

11:55AM PST: Volume is very light with an hour of trading to go. Watch that up trend support line like a hawk. It has had some false breaks, but generally has been very resiliant since the mid-day.

CLOSE: Pheww. More of a "normal" looking day, but still wide ranging with many mixed signals. Tomorrow is the last day of the month and next week we can finally get elections out of the way. How about that Janet Yellin? Be advised that the afterhours RSI(2) of 96.20 out of 100... this is (possibility of a markup aside, in the event it hasn't already happened!) very high and typically not sustainable for more than a few days, if that.

Did you hear this on-air? "Burns out" is quite kind! Charlie! I hope they don't fire the poor guy; hell, I'd promote him to on-air director after that performance.

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