Tuesday, April 13, 2004

Seeing decent selling pressure - our cumulative TICK on the NYSE is now at -2800, the most oversold since Aug 4th of last year.  However, that reading came near the end of a decline while the current reading is obviously coming after a nice rally - two different beasts.  Today has the earmarks of a trend day (open at the high, close at the low) as each -1000 reading in the TICK is met with no more than a couple of points of rally in the S&P, and every time the TICK makes it back to zero, we see another push down.  Unless this type of structure changes today, I don't want to try to pick bottoms intraday. 1:40:17 PM