Monday, May 18, 2009

05.18.09 - Light Volume Reprise

We've seen a nice boost on the weekend's overseas trade and earnings outlooks. Subsequently, the markets are holding level during the mid-day on very strong Cumulative Tick, Advance - Decline and Up Volume levels, suggesting the possibility for afternoon carry through. My only slight concern is the waning level of Tick highs during the last couple hours as we lie just south of SPX 900, which is currently acting as clear resistance [edit/ add: this was just consolidation and we did get that carry through. We closed with the VIX at 30 on the nose!]

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