Thursday, November 19, 2009
Morning Briefing for November 19th: A Legit Break
This morning's trade has given a great example of a breakout trade, as we moved below the range of the prior two trading sessions on expanded volume--and volume transacted at the market bid price. The skewed advance-decline ratio, very negative NYSE TICK, and dominance of volume at the bid all suggested that this break attempt (unlike ones yesterday) was legit. If so, we should not trade back into the overnight range.