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Wednesday, March 13, 2013

Intraday Update


Because today is so incredibly boring. Ugh.

What are you seeing:

Well, the indices are flat, if DIA closes green, that would be unprecedented. 9 days straight green would be a new record that is 12+ years old. Asian markets are down, most other major markets are relatively flat.

Bullish things:

IYT - extremely bullish, up over 1% (!)
GS - its green.
TLT - its red.

Bearish things:

EUR/USD got slammed this morning, this is usually very bearish. Was down 0.85% this am, recovering a bit now.
Volume? Maybe? Its very low and weak. This is a ghost market.

SO, now what:

Who knows... you can make a case either way here. But whatever is going on is extremely boring. I can understand traders not wanting to short this market, but I don't really understand traders buying this market. So, I am lightly committed to the short side.

Interesting note: From the desk of Ryan Detrick: "The percentage of bears in the Investors Intelligence poll declines to 18.8%. It's the first time below 20 since May 2011, and dips below 20 marked market tops in 2010 and 2011.... 'Be aware.'"

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