Quick Market Update

If you could see what I see, you'd know why I'm loathe to add any more short term long exposure. However as we wait with baited breadth, considering if theis morning's intraday lows must be hit first, I suspect perhaps not. No doubt Yellen's comments about the market being overvalued weren't of any help today to the long exposure we picked up yesterday, but as I recently wrote, the F_E_D will be more than willing to sacrifice the market for the carry trade unwind (weaker $USD).

In any case, both Index futures and TICK suggest we are close to the upside move anticipated for today. I'm not sure I'd be bullish much beyond that.

 ES 1 min intraday positive

NQ 1 min intraday positive

TF 1 min intraday positive and...

The NYSE intraday TICK just broke the downtrend, early warning. I suspect we are much closer to the anticipated move for today...