Morning Update: 2/17/2012


5:28 am…

The stock market indices had a stellar day today, with a long rally after a mixed opening. When it was evident the indices were not going to fall through to the downside, they just exploded, and took off in a strong rally that lasted from early on until mid-afternoon. At that point, they consolidated, but still managed to firm up near the close, and closed at the highs for the day going away. The Nasdaq 100 had bounced back from a low this morning of 2551 to as high as 2595, and the S&P 500 from under 1340 to 1359.

So, it was a very good day for the indices.

Net on the day, the Dow was up 123.13 at 12,904.08, which is the first time it was over 12,900 in a very long time. The S&P 500 was up 14.81 to 1358.04, 1 point off its high, and the Nasdaq 100 up 36.28 at 2592.29, just 2 points off its high.

Advance-declines were 3 to 1 positive on the New York Stock Exchange, and 3 to 1 positive on Nasdaq. Up/down volume was 6 to 1 positive on New York, with total volume of just under 800 million shares traded today. Nasdaq traded just under 1.9 billion shares and had a 5 to 1 positive volume ratio.

It was a good day with an increase in volume.


3 trades today… YM, 6A 

YM was a balance extreme responsive trade. I attempted to short this twice and had two small losses.

6A- was a responsive short from a balance extreme of larger degree balance area and was stopped out in Globex for a loss.



08:30  USD CPI (MoM) 0.3% 0.0%
08:30  USD Core CPI (MoM) 0.3% 0.1%
10:00  USD CB Leading Index (MoM) 0.6% 0.4%


Stepping back and reviewing the hourly chart patterns, after an early morning attempt and a test of support held, the indices rallied sharply, closing near the highs for the day going away on a very big day for Wall Street.


Olof Thomas


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