Tuesday, March 23, 2010

He Zigs, We Zag

birthday-cake Today's tape was not exactly what I ordered for our birthday trader, but there is always tomorrow. Yes, today is our T-guy extraordinaire's birthday, Zig Zag, and darn it… I was sure hoping to deliver a nice smack down for him. But as we look over the charts, all is not lost, but the water is still muddy.   Zig- your gift might be a little bit belated, but it’s coming soon enough. Apparently the machines received the memo to buy the news, and the shorts covered right out of the gate this morning. Where have we read this story before?  Divergence galore, weak internals, name your own signal… it’s all out there for the having, but the tape is not paying attention to you or me and what we see. I’m thinking this cements Osi’s theory of ObamaPPT punishment.  The bill passed, therefore no punishment to the tape today.  Just sayin’…  Meanwhile, light volume=up, light volume=up.  There are no sellers yet, just a handful of shorts who like to play in traffic and cover the minute they see some green on their screens.  ( As if you needed me to tell you that, right?)

Before the bell tomorrow:
ICSC-Goldman Store Sales, Redbook, Existing Home Sales
10:00 AM ET Tim Geithner Speaks !!!!!!
10:00 AM ET FHFA House Price Index
10:00 AM ET 4-Week Bill Auction
11:30 AM ET 2-Yr Note Auction
1:00 PM ET Janet Yellen Speaks

spy_3_22_ID spy_3_22
iwm_3_22 indu_3_22
qqqq_3_22 iyt_3_22

Don’t worry, Zig.  I still believe in the birthday signal.  ;-)
A big Happy Birthday to You, my dear trading buddy and friend!

Have fun tonight, FX traders!  We didn’t do a very good job today, so we’re passing the ball back to you to carry.  

All Right...
DISQUS IS OFFICIALLY DEAD and it sure feels like DEAD
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