Wow-Now some backing and filling...

The open went off with a bang, in the first 10 minutes of trade the SPX (S&P-500) hit levels that were nearly +1.5% up and where some very respected technicians thought the SPX might make it to on an oversold bounce correction over a period of several days, all that in 10 minutes.

However it looks like there were too many people on one side of the boat too early and while I'd love to see the upside gap stay completely open, we know from experience it's not likely, especially this early in the session, but on the other hand this is a different market attitude/sentiment now so it will behave differently. If we see a few more moves like that, we'll have a short squeeze and the kind of momentum that does make the papers for the average Joe to gain some confidence in to Black Friday shopping.

Thinking about the size of the divergence and how long it's been put together, I'm leaning toward not just a strong move, but perhaps a move that goes easily in to year end, of course the Fiscal Cliff may make that difficult or volatile, but the market put in the time to create a range and head fake move large enough that this could be a possibility.

One Bridge at a time...

Take a look at the TICK

 Talk about extreme, the open was +1778, almost 1800 which is a level I don't remember the last time I saw, the TICK has also managed to stay above zero so far the entire open.