The Philly Fed has come in and knocked the markets down with some market unfriendly news about business conditions. Markets were trading slightly higher before the release with the DJIA a bit weaker on the heels of the constant negative newsflow on HPQ.

Market internals have flip flopped between green and red all morning but seemed to have been firmly green (+1,200) before the Philly release. My guess is the dippers will look at this opportunity as a gift. Why would business conditions interfere with a steady uptrending stock market?

Sectors acting best today include oils, GOOG AMGN metals, GS and internets; losers include semis, consumers, cyclicals, retailers and airlines.

One of the indicators that I watch all day is the TICK, it seems that when the internals are green and the TICK stays in the box between zero and +1,000, odds are pretty good that a bullish strategy of buying dips and selling rips will do well. Also, check the pivot points for areas of support and resistance and honor your stop and one can make a pretty good trading system.


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