Tuesday, February 24, 2009

Tick, Tick, Tick!

The market was obviously strong today.  The RKH & XLF were up 13% and 12% respectively.  There were a few tells that the market was headed much higher.  Market rejecting the overnite low early in the mornning and the gold sector being weak all day. 

However, at 1pm i saw something that basically blew me away.
I look at the 5-minute Tick chart of the NYSE stocks.  ($tick) on esignal.  There were multiple times when the tick traded above 1200.  Wow!  One time the tick nearly hit +1600.  I blurted out that i haven't seen it that strong in 12 months.  When this happens, you need to pay attention.  I don't like to fret about technicals that much, but i did mention the TICK chart at this morning's meeting because it has been very beneficial as of late.

Does that mean that we will continue higher tomorrow?  I have no clue, but that is the nice part of being a daytrader.