Tuesday, April 06, 2010
Morning Briefing for April 6th: Mixed Signals
Note how we traded lower during pre-opening trade only to move back into the overnight range and then back into yesterday's range (top chart). Advancing and declining stocks are relatively even, and we're seeing little change in oil. Rates are lower, and USD is lower vs. Aussie dollar but up vs euro. All in all, the themes that were strong yesterday are mixed today. NYSE TICK (bottom chart) shows very little significant selling pressure for the second day running. We're also not seeing very strong buying pressure. As long as Cumulative TICK stays positive and we don't see significant selling pressure, I expect stocks to be able to drift higher in a low volatility mode.