Today on the Marketbeat: Channel lows give out as buyers take profits.

Market #'s at Closing Bell:

S&P: -22 to 876

DOW: -196 to 8565

NASDAQ: -51 to 1,513

RUS2K: -22 to 453

TSX/S&P: -253 to 8,380

VIX: -0.08 to 55.65

Internals:

Core Sector List: 16/0 to the Bears

NYSE

BREADTH: 6.8/1

AD LINE: -1700 ticks

NASDAQ

BREADTH: 5.5/1

AD LINE: -1200 ticks

Today on the Marketbeat: Channel lows give out as buyers take profits.

Well the lows held throughout this week but gave way as selling pressure built up today on the broad markets. From opening bell to around 3pm it looked like the market was gonna pull triplets this week with price action staying in that channel we have been developing, however, today the trend broke as dip buyers took some much needed profits off the highs and the selling pressure gave the bears enough hootspa to break through the Support (S1) that has been holding up so nicely. The second level of support held today at the close. 

Under the hood, the internals were once again a day traders best friend, while the TICK wasn't much help, the Ad Line and Breadths defiantly helped the active trader today. The Breadth started churning out some nice big red body candles around 2pm, a little before the market turned over and broke through the S1 level. The Ad line did a bit of the same making some nice big red body candles at the same time. This was the first heads up that the support level might not hold because of the building selling pressure. 

When all was said and done today the bears defiantly made the bulls remember that this is in the big picture, still a bear market, and the bears have been away so who knows what they have in stored. Could we retrace the gains and test lows? or do we build off the gains we have put in. As always only time will tell, and i'm not much for psychics. 

Till next time Happy Trading

Today on the Marketbeat: Channel bound trading

Market #'s @ Closing Bell:

S&P: +10

DOW: +70

NASDAQ: +18

RUS2K: +10

TSX/S&P: +215

VIX: -3.09

Internals - 

Core Sector List: 14/2 To the Bulls

NYSE

BREADTH: 3/1 Pos

AD LINE: +1200 Ticks

NASDAQ

BREADTH: 2/1 Pos

AD LINE: +840 Ticks

Today on the Marketbeat: Channel bound trading 

Well after what seemed like a seemingly endless stream of triple digit gains and losses for what seemed like forever, but in reality was more like the majority of 2008, we have seemed to hit a period of relative strength and relative modest gains and losses. This week is turning out to add to this theory as the price action from yesterday and today is nearly identical. When looking at the action of the past two trading days on the major indices, one can easily notice that the lows and highs are almost identical, however what is interesting is the divergence between the seemingly identical price action over the past two days and the breadths gain in strength without the price action to back it up. What could this spell? Well it could spell a decent gain on the averages over the next couple days. 

Under the hood, is an interesting story today and not for the normal reasons. As mentioned before the Breadth and AD Line has shown some modest gains under the hood, but like previously mentioned, the price action has not followed suit. Usually when the under the hood indicators show relative strength/weakness without price action to back it, it could spell out a divergence play where the price action will follow suit after the indicators show it. The TICK spent most of the day today split between highs and lows. 

Today on the Marketbeat: Index's take a breather

Market #'s @ Closing Bell:

S&P: -22 to 887

DOW: -245 to 8,691

NASDAQ: -23 to 1,548

RUS2K: -12 to 469

TSX/S&P: 166 to 8,400

VIX: +0.33 to 58.82

Internals:

Core Sector List: 12/4 to the Bears

NYSE

BEADTH: 2.7/1 Neg

AD LINE: -1200

NASDAQ

BEADTH: 2/1 Neg

AD LINE: -950

Today on the Marketbeat: The Index's take a breather

The Market got off to a slightly bearish start today as the major indices opened up with a gap lower, right under the days pivot point. The market managed to fill the gap quite quickly, moving up past the days pivot point and up almost pegging the R1 for the day. However, the markets rolled after they couldn't muster the strength to rally past the pivot and moved down basing around the Pivot Point and then finally breaking lower in the early afternoons session. The day finished near the lows of the day around 890 on the ES futures, right below the S1 mark. 

Although the days action was primarily bearish, the bulls did give it a solid fight. And with market levels so oversold after last weeks bullish run, a day like today, a digestion period was almost needed. Now we will watch to see if we can build off this or maybe consolidate some more, or just drop down to the lowers, as players sell into the markets strength. 

Under the hood the internals were mixed. The TICK was up and down most of the day, giving us the idea that the market action was mixed at best. The AD Line tacked on about 1000 ticks lost on both the NYSE & NASDAQ and the Breadths were slightly bearish. All signs leading to a mixed to slightly bearish intraday market action. 

Unusual Options: EAT (Jan 10 Calls), ABC (Dec 30 Puts), PCX (Dec 10 Calls - Takeover news), TIE (Dec 10 Calls - Takeover news), DHR (Selling Dec 50 Calls)

Today on the Marketbeat: Santa Claus Rally is coming to town?

Market #'s @ closing bell:

S&P: +296 to 8931

DOW: +33 to 909

NASDAQ: +62 to 1571

RUS2K: +16 to 477

TSX/S&P: +497

VIX: -1.92 to 58.01

Internals:

Core Sector List: 15/1

NYSE

BREADTH: 6/1 Pos

AD LINE: +1750 ticks

NASDAQ

BREADTH: 6/1 Pos

AD LINE: +1500 ticks

Today on the Marketbeat: Santa Claus Rally is coming to town?

Wow, what a way to start the week. Last week ended with a solid end of the day rally on Friday after the indices had some issues in the early session. We ended the week up, and passed the torch into this weeks start. The Market saw most of the gains pre-Market hours, as the major averages opened near R1 and chopped some sideways action in before the 2pm market reversal when the internals perked up and brought the market up towards R2. Overall sentiment today was BULLISH, as the internals clearly gave us the signal to stay long today. 

Under the hood, the internals gave some solid Bullish readings today. The AD LINE tacked on some solid gains and closed near its highs @ +1600  . The Breadths closed the day in positive territory, @ 6/1  on the NYSE & NASDAQ respectively.  Closing out the internals the TICK spent a large amount of time above 0, giving us the sign to stay on the prowl for bullish ideas. 

Many unusual option activity hit the ticker today.

- RGC: Dec 10 Calls / SEPR: Dec Calls / LAMR: Dec 15 Puts / BEN: Dec 60 Puts / ATVI: Dec Puts.