09.22.09 - Working on New Highs

The SPY is at new highs for the year considering last week's dividend. There was a very tradeable opportunity to get in on the gap move right after the second pullback catch at the 500-minute ema based on confirmation of a falling VIX, generally strong Advance - Decline line, a healthy and advancing Cumulative Tick, and more than anything else perhaps, heavily outpacing Up Volume. I will grant, however, that the pre-Fed day volume is on the light side.