Limit Orders/Volume

Think about today for a minute, not good economic information on the whole, nothing out of Europe except decent market action and the Euro, the Bad news is good news effect doesn't seem to apply if you look at the QE sentiment indictor,GLD...

 The SPY's move in green, GLD's in red, or...

An easier way to view it is GLD's relative strength, not Wilder's Relative Strength (which measures one asset against itself), but just Relative Strength of GLD vs the SPX, it's pretty obvious the "Bad news is good news-QE hopes" are not behind this move. In fact looking at the move it seems very extreme, it's only a +.75% move which in normal markets is an average day that no one gets excited about, it's because the recent range market wide has been so dull, the last trading week before today in the SPY moved +0.24%, for all intents and purposes that is absolutely flat for a week, so a +.75% move seems huge.

In any case, not the point, the point...

 Drive volume, create openings and opportunities and apparently quickly, volume surged as SPY $142 was broken. If you look at the DIA, no psychological level was broken as far as numbers (the human mind gravitate toward whole numbers, thus everything in a store is $1.99 instead of $2.00).

The DIA saw the same volume surge, not on the break of anything technical, just at the EXACT same time as the SPY/SPX break of a psychological marker.

It will be interesting to see where the stops line up, I'd vote for $142 s being obvious and the $141.30-ish level as well.