SPY - resistance very near
COMPQ - volume only average
RKH - resistance? big vol though
USO - resistance prob won't hold
UUP - topping?
GLD - lower high...will it hold?
VIX - soon we will know
A/D - very bullish
ETFs - financials led
Heat - can't get much more green
ISEE - notice that calls were losing strength thoughout the day....yesterday, puts were gaining strength...good leading indicator?
Analysis: do u beleive that today was caused by a simple letter from Citi? well...for me...its a yes and no...the market needed a move up...everyone anticipated it...all fundamentalists or technicians saw one coming...just didn't know when...and so every trader was jus looking for any kind of news to buy on...once the big fish bit, everyone else jumped on board...and of course, shorts went along with it...what we do need is some continuation tomorrow...as today is on pretty bullshit news (citi and uptick rule), it can definitely just fall apart quick as these buyers aren't for the longterm...looking at the charts though, i do have to respect the volume..ETFs were weak but the main indexes were ok, especially financial stocks...knowing that, the most likely thing is a pullback intraday tomorrow at resistance, then a continued move up...that will be very bullish...but if the resistance holds all day tomorrow, i will be looking to short...market is too weak for a 1 day rally to make me beleive in a prolonged rally....
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