Monday, November 09, 2009
Midday Briefing for November 9th: Themes and Sentiment in Gear
Note how we not only opened higher but continued to accept prices at higher levels in the ES futures (top chart), as the NYSE TICK has remained persistently positive through the morning, spending much more time above the zero level than below. To this point, we've seen no TICK readings below -600 but quite a few higher than that. Note, too, supportive intermarket themes: weak dollar and rising commodity prices. When those themes are in gear and intraday sentiment, as measured by TICK, is following along, we have the makings of a trend day.