Tuesday, February 24, 2009
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.
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