Monday, June 28, 2004

No sooner did the last post post than the TICK headed below zero and has stayed there pretty much ever since, completely changing the prospects for the rest of the day.  I see little reason now to be aggressive in either direction and am backing off for now. 2:36:39 PM

The S&P 500 and NDX are holding the opening prices very well.  I often state here how carefully I watch the TICK, as I feel it gives the best clues about about type of day we will likely see intraday.  So far, it has been holding above zero with barely any forays below, suggesting to me that we are more likely to see a run at last week's highs than we are a rollover and decline.  That thought, however, is predicated upon the TICK holding the pattern we've seen so far today...if it strays much below zero and holds there, the chances for a meaningful decline (intraday, at least), rise substantially. 1:38:11 PM