Tuesday, January 26, 2010

01.26.10 - The V-Recovery You Didn't Have to Sweat

Overnight futures were down significantly at one point on the Asia trade.  Although we gapped somewhat lower at the open, we have had a nice reversal ever since.  The VIX is falling hard, Cumulative Tick is rising and the Advance - Decline line has just gone positive, leading me to believe we will finish the day in the green.  The SPY is just under its R1 floor trader pivot, which corresponds with yesterday's highs.  However, this may prove a [strong] initial resistance level.

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