Morning Update: 2/22/2012

The stock market indices closed mixed on the day, and were kind of choppy, with a move sharply lower in the morning. They stabilized and a rallied back late in the day to bring the ES and the YM into the plus column. The NQ, however, was weak all day, and stayed that way, closing down on the session, although, in the last 10-15 minutes the indices did pull back off the afternoon highs when they were challenging resistance, but were unable to break through.

Net on the day, the YM was up 46.02 at 12,937.10, the ES  up 3.19 to 1360.23, just 2 points off the high, and the NQ was down 8.05 at 2580.24, about 9 points off its high.

Advance-declines were 17 to 13 positive on the NYSE, and flat on NQ. Up/down volume was 47 to 37 positive on New York, with total volume of 850 million shares traded today. NQ traded about more than 1.8 billion shares, and had a 10 to 8 negative plurality.

 

NEWS

10:00  USD Existing Home Sales 4.67M 4.61M
13:00  USD 5-Year Note Auction 0.899%

 

Two trades today 6C and 6E

6C was a balance extreme short that I’m still holding and positive

6E was a balance extreme short that I’m still holding and positive

 

Looking for a continued move to the down side and will manage my open positions. 6C short, 6E short, and ZB long.

 

Olof Thomas

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