Today on the Marketbeat: 2 Steps down, 3 Steps Up...Option Expiration Madness

Market #'s @ Closing Bell

S&P: +1 to 843

DOW: +12 to 8212

NASDAQ: +23 to 1511

RUS2K: +4 to 837

TSX/S&P: +105 to 8,793

VIX: +2.66 to 51.8

Internals:

Core Sector List: 12/4 to the Bulls

NYSE

BREADTH: 1.1/1 to the Bulls

AD LINE: +250 Ticks (after being down 2400)

NASDAQ

BREADTH: 2.1/1 to the Bulls

AD LINE: +420

Today on the Marketbeat: 2 Steps down, 3 Steps Up...Option Expiration Madness

Wow, What A day....As the last trading day before Jan option expiry came to a close, we witnessed one of the most exciting days of trading of 09 so far. The day started very similar to the other trading days of this week: lower. However after a solid amount of lunchtime choppage around the S2-3 area, the Market witnessed a huge surge in the last 2 hours of trading. This surge pushed the market up to breakeven levels on the S&P and Dow even going in the green. The full # of the swing from low to high was: 30 ES points, and nearly 300 YM points. VEry exciting day as oversold levels gave into a quick late day rally accorss the board.

Under the hood was even more exciting as you could litterally watch the internals battle back and forth during this surge time. The BReadths and AD Lines were most active, With the Breadths turning around from +10/1 negative levels to finsih flat/slightly bullish. The AD LINES tacked on minor gains but considering the NYSE AD LINE was down 2400 ticks and closed up 250 ticks is a phenomenal turn around.

With Options expirary after tomorrows close, Make sure if your in any front month options positions to roll them over or close them out.

Ill leave you today with some internals snapshots: (Click to enlarge)

Today on the Marketbeat: The Bears are back in town

Market #'s @ Closing Bell:

S&P: -29

DOW: -241

NASDAQ: -56 

RUS2K: -18

TSX/S&P: -260

VIX: +5.81 to 46.24

- Internals -

Core Sector List: 16/0 To the bears

NYSE

BREADTH: 29/1 Bears

AD LINE: -2400

NASDAQ

BREADTH: 12/1 Bears 

AD LINE: -1770

Today on the Marketbeat: The Bears are back in town

Today's action could be considered a trend changing day, as we wash out the gains we produced last week on all major indices. However, this doesn't mean today's action is game changing day. So don't load up on shorts just because the market dropped down close to 300 points on the Dow Jones. In a short term trading view, (Swing Trading), the market broke out of the range we had produced which was pretty much looked at to happen as we traded in a small range for the beginning of this week. What can we expect, possibly a short period of consolidation, with maybe climbing slightly higher in the next couple of days. 

Under the hood the market painted the perfect bearish picture. Both Breadths closed near their lows and the AD LINE tacked on a 2500 tick loss, which is fairly huge in retrospect, whenever we break that 2000 tick line either on the short or long side. The Core sector list rounded out the internals with a one sided showing, closing @ 16/0 to the bears. 

Here's some Short & Long ideas for Thursday Trading day:

Short: AVB / ESS / BXP / IYR / PNRA / DLTR: H&S developing watch trendline break

Long: RWT / MRO / JRCC / FTO / AGN/ AUXL / BMY / ESI: flag developing / ELN / OCR / SNY / RMD / EW / HOC / SFL 

Unusual Options Activity: CAG:March 37.5 calls / JPM: Jan 09 calls /

Today on the Marketbeat: As the range winds....

Market #'s @ Closing Bell:

S&P: +1

DOW: -26

NASDAQ: -7

Rus2K:

TSX/S&P:

$VIX:

Internals:

st: 13/3 to the bulls

Core Sector Li

- NYSE - 

BREADTH: 1.3/1

AD LINE: +150 ticks

- NASDAQ - 

BREADTH: 1.5/1

AD LINE: +300 ticks

Today on the Marketbeat: As the range winds....

The second day of the week started off with something becoming familliar these past few days...More chop between a range on the braod markets. Today's price action on the ES (S&P Futures) for example, continued its range bound trading. YEsterday the market put in a low at todays S1 pivot aroudn 860 on the ES, topping around today's Piovt point, @ 871 on the Es. If one looks at yesterdays afternoon trading, you could see that todays lows and highs almost coincide with todays action. This is called a range bound market, even if it's on the very short term. What does this mean? - well one thing it could spell is an explosive move (in either direction) building up, Sometimes the big instituional traders wait for the market to hit a certain low to buy, or a certain high to sell - so when the market is range bound it could mean that the market is working to get a solid move up or down.

Under the hood, Today saw some bullish strngeth return to the market, with the Breadths closing in positive territoy ( NYSE = 1.3/1, NASDAQ = 1.5/1). The AD LINES both tacked on some gains, while the TICK seemed to spend a little more time in the positive zone.

So if we see a break out of the range that has been forming, it will be a very tradeable break. We have out lines drawn, 872 - 860 areas, if these are broken watch the strngeth and posible retests to catch a nice break out move. 

NIGHT WATCH - Tues, Jan 13th

After Monday's bearish slide, what do we have to look forward to for today?

The pivots are always a good place to start for an idea. Here's what the Pivots look like for tomorrow: 

ES Future's (S&P)

R3: 910.5

R2: 898

R1: 885.25

Pivot: 872.75

S1: 860

S2:847.5

S3: 834.75

E-Mini Dow Future's: 

R3: 8718

R2: 8633

R1: 8540

Pivot: 8455

S1: 8362

S2: 8277

S3: 8184

So judging by how they map out, the market looks to at least show some support tomorrow, bearing some random news story. Whether the market bounces, or continues its free fall, the key is to know what is going on under the hood. So remember, if the market seems erratic, watch the internals for the first sign of weakness or strength. 

Internals: $TICK - $AVOL/$DVOL - $TRIN - $ADVN/$DECN

Keeping a steady eye on these will help you keep your cool, and make this ride more fun. 

Happy trading

Daiz'on End

Today on the Marketbeat: Moving lower on lower volume.

Market #'s @ Closing Bell:

S&P: -18

DOW: -126 

NASDAQ: -32 

RUS2K: -12

TSX/S&P: -296

VIX: +3.24

Internals:

Core Sector List: 16/0 to the Bears

NYSE

BREADTH: 8.3/1

AD LINE: -1600 ticks

NASDAQ

BREADTH: 6.8/1 

AD LINE: -1400 ticks

Today on the Marketbeat: Moving lower on lower volume.

The Market opened today following Fridays trend, falling lower on the opening bell, chopping around slightly then moving lower into the close. The week got off to a bit of a slow start as the major equity markets moved lower today as markets still cant seem to get a firm grasp to move up. Not much in terms of market moving news out today, the market just seems to be takign profits on the oversold levels we were flirting with last week. 

Under the Hood, the internals told a Bearish story with the Breadths both deep in the red, wih the NYSE cloing in at over 8/1 and NASDAQ coming in almost 7 to 1 to the bears. The AD LINES both dropped down, coming in at -1600 & -1400 ticks on the NYSE & NASDAQ respectivly. Add to this the 50day moving average not holding up any of todays weight, it actually seems to be a new resistance more than anything. Overall quiet, but very Bearish begining to the week.