Today is Thursday and the market shot up like a roman candle in today’s session.
Nice move today as the Dow, S&P and Nasdaq moved up about 2.75% each, around 30 S&P points. Today was one of the largest up to down volume ratio days on record at 44 to 1 up volume to down volume. That is amazing and usually will signal a continuation of the move. That is a huge one sided route. Usually a 9 to 1 ratio is considered large, but 44 to 1 is unheard of. A good sign for more to come, lets hope.
In today’s trading I just traded small, only 2 contracts and made a few points. I considered taking the day off, as it is a little hard to trade on slow and low volume. I was trading during the slow time of the day to boot, O’ well. The volume was split up to accommodate the new contract month. The S&P symbols are esu10 and shared the volume between the old and new. That is the reason why the action seemed so slow. Tomorrow it will look like a normal day volume wise, but emini traders should be sure to change your symbols as noted above
We are still slightly on a touch of resistance and will need one more little push to get things going. With that said, I have just seen the new numbers on the sentiment poll taken this week and it looks like it did not get to the extreme that I was looking for again, darn. It did move down 1% at 38.5% and was looking for a minority position of 35% or less to help trigger a bigger sustained move. Who knows, we may go back down into the hopper for a little more cooking? Tough call. I will just have to follow the current price action and will keep you posted.
Short post today, tomorrow will have more time and will pick it up with some sort of trading lesson.
Related posts:
- Stock Market Recovery Bubble
- Stock Market Pressure is building on both sides !
- Stock Market showing signs of Renewed Strenght
- Volume Pulls Back as Market Rises
- Market Sentiment Turns More Bullish – Trader Beware !
Tags: 44 to 1 up to down volume, emini contract roll over day
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