TECHNICALS-OIH

One observation about the recent action in the OIH is the hammer formation yesterday which may be a signal of a temporary low. Of course it won't hold if oil continues to drop as many a bear suspects and revisits the $12 a barrel level.

For anyone with interest in daytrading the Index ETF's or FUTURES, John Carter has a great video here on when to fade the high TICKS and when to buy the high TICKS. I agree 100% as a great short term signal is the action of the TICKS above and below the flat line. Yesterday afternoon, TICKS spent abut 98% of the time above the flat line. A pretty good signal that buyers were everywhere and the markets were going higher.