Mar 232010

Volume has returned to normal levels in the whole market and institutional orders overnight. Distribution is fairly even across the ON range which may signal a typical rotational day to establish more specific value. We expect things to be quite ahead of home sales at 10AM EST. From there, the usual fades at the edges will most likely be the best bet if the number comes in at consensus which is not good overall. The snow may have priced in a more negative number already but we shall see. If we do break to the long side we are back in October 08 numbers and there is some room until the 75 handle or so where we expect total rejection. If it breaks short we will wait to sell in the low volume area from yesterday under 57 and trade into the interim support at 54.50 or so. Watch the order flow closely when scalping the OH/OL/YH/YL edges!


 Posted by at 9:36 am

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