Market Update- Looking for that "In"

Yesterday toward the late afternoon some positives for a bounce like move were building and that's mostly what I'm looking for today to set some new positions. Most all of the trading shorts set up in the last week are at a profit now, not huge, but we're just getting going.

The thing I'm worried about is any small divergences that appear can easily be run over by momentum, the reversal process is mature as you can see in the IWM, actually over-ripe in the IWM.

 That is MORE than enough of a process and I think the only reason it was so long was waiting on the F_O_M_C.

Momentum is not on the side of a bounce, my Russell 3000 Most Shorted Index (red) vs the R3K is showing a lot of downside momentum.

The NYSE intraday TICK is at extreme s of -1750!!! We haven't seen that in a LOOONG time.

What I do see that "may" allow for a toe hold, so we can set shorts in to a bounce is the Yen, it is losing upside momentum and reversing which gives the carry trades a chance, I don't know if they can compete with the momentum, but I suspect this is pack-like early fear finally building in as the longs are so margined out.

I'd watch the NYSE TICK and look for a positive trend change, I'll be watching 3C and otherwise just managing shorts that were already established (both trading and core), but there are a few I'd like to take a swing at.

AAPL is one, XOM was a core short that I closed and went long for a counter trend bounce, at some point that's going to be a short again. There are others, but first we need a little improvement in atmosphere (to enter new positions), otherwise I'm quite happy about the core and trading shorts.

Keep an eye on that TICK, it's amazingly extreme.