Tuesday, January 3, 2012

A Few levels already broke, TICK is changing fast as well

 SPY takes out first level of intraday support, hits stops.

 The IWM shouldn't be the biggest laggard on a risk on day, it should be the biggest leader.

 Tech is taking out some initial levels here.

Note the change in character in the NYSE TICK chart (number of advancing NYSE components less the number of declining components). It has managed to stay in +0 most of the a.m with some dips being held up at -250 which s pretty bullish, recently though it has hanged and is now hitting levels as low as -1250, a clear change in character.

As for the BAC Jan $6 trade I put in the options portfolio earlier, it just broke an initial support level on some volume.

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