Tuesday, October 27, 2009

10.27.09 - Pause in the Decline

The market is running sideways in range-day fashion with up and down volume fairly well matched.  Tick has demonstrated a slightly more bullish bias, but only marginally so, our sentiment indicator is weak, and the VIX continues to run relatively hot.  We are oversold in a short-term downtrend, but there is otherwise no indication of where we go after this pause and neither direction would surprise, [add 12:57 EST] although I'm now leaning towards more downside.  Meanwhile, I'll be keeping an eye and ear out for those Treasury auction results.

A short while ago I did a review of Connors Research's new book "High Probability ETF Trading".  I understand from his staff that they are now offering a signal service based in part on that book.  I don't receive anything from Connors for that reference (other than from Amazon should you buy the book), it's just good stuff.

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