Today looks like an exact repeat of the last two Mondays. $TRIN is at .38 right now and $TICK has been in positive territory the entire morning. In about 10 minutes, Existing Homes Sales comes out but I don’t see that data derailing the market today. I mentioned in the pre-market that the market looked like it had the potential to run 20 ES points today and it looks like it is setting up to be that kind of day. I would not be surprised if trading is essentially already done for the day. Lately when we get these ramp ups with confirming strong internals (as evidenced by $TRIN and $TICK) the big move is at the open and then we generally consolidate the rest of the day.
Notice our market leaders are up but not breaking out. They trade up to resistance and on down days fall back down.
For those that tried to grab VXX at the prior low, today brought disappointment. Another new low on VXX.
