Monday, October 5, 2009

Morning Review 10/05/09

The only time that the market today traded below Friday's Point-of-Control was when it closed the opening gap.

The $TICK, Adv - Decl Line and $TRIN are bullish today.

The buyers waited for the market to close the opening gap before jumping into the fray. After the ISM report at 1000 ET, the market corrected. However, the bulls kept the market at and above Friday's Point-of-Control. Again, the market tried to correct, but the $TICK bounced quickly off the lower 1.5 Standard Deviation band continuing the bullish trend of the morning.

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