Quick Update

First  of all, futures have lost momentum, about half of the market averages are moving down, the other half are teetering and all the opening indications are negative across the board, for what I hoped to see in the daily candle today, we are off to a pretty good start and made 25% to boot.

Furthermore, considering the open and the implications of last night's dominant Price/Volume relationship, the TICK chart looks great from my perspective in what I was expecting to see today.

Even with the gap up, the NYSE Tick didn't even break +500 on the open, that is the worst mediocrity I could imagine, the rest of the morning hasn't moved above or below +/-750.

 DIA 1 min in line

 DIA 2 min leading negative

 IWM 2 min leading negative

 You saw the 2 min QQQ earlier, still no improvement.


 SPY 1 min leading negative

SPY 2 min leading negative.

I think it's time to look at the currencies, although they don't seem to have much to do with stocks, they have a lot to do with them and this is where Technicians have tunnel vision and why they don't understand when their indicators fail, why they failed and it is often because there are more powerful market forces at work that they aren't even aware of.

I said last week currencies will be important, this week i said they'd be the pivot of the market, it's time to make sure you understand why.