Pre-Market Musings - 04/24/08

According to the Stock Trader's Almanac, statistically, today is suppose to be a negative day for all stock indexes, followed by 6 days of bullishness. Of course, almost everyone in the trading world knows this, so it will be interesting to see if it becomes a self-fulfilling prophesy.

Here are some windows that I like to look at during the trading day:

The blue dotted line is the pivot, calculated by (High+Low+Close)/3. The green-red line is the 13 period EMA, and the white dotted line is the 38 period EMA of the pivot. The market thus far has remained above the pivot high of 4/16/08. It is interesting to see that the $TICK pivot has been in a downtrend since that time, but maybe showing some tendency to start an uptrend again.

I have put the NYSE Advance - Decline Line, $TICK and $TRIN on one 5 minute chart. Helps to see several market breath indicators all at once.


Charles