Option Investor
Market Updates

That was fast....

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Sometimes I feel like I can't type fast enough. Either that or I need to get some type of speech recognition software to update investors and traders on today's sudden surge higher from the 01:00 EST Update.

Even though my update was "late" the Dow Industrials (INDU) 7,799 +3.7% were still up just about 1.6% when the update was posted, but when the Dow broke the 7,750 level, I did get one "buy program" alert at our premium execution level of $1.68.

The Dow's break above the 7,750 level sure looked to have shorts coming in and covering some positions as the NASDAQ-100 Index Tracking Stock (NASDAQ:QQQ) $21.41 +3.3% did trade above my more cautious stop from last night's Index Trader Wrap of $21.10 and has built some gains from there. The NASDAQ-100 Index (NDX.X) 861.93 +3.45% has made its way back above our recently "rolled lower" 50% retracement of 857 and now has a bear's risk back to 900. Currently, I'm not overly eager to establish a bearish position in our 857-902 range, but would rather get a "pulse" on any carry over into tomorrow morning.

Treasuries did see a strong round of selling today, with the bulk of selling coming in the shorter-dated 5-year maturity, which I view as the "safest" Treasury compared to the 10 and 30-year. Price action had the December 5-year Treasury Note (fv02z) 113.23 -0.47% and YIELD ($FVX.X) rising 2.695%.

Volume is rather heavy and there appears to be some "ummph" behind today's move higher with volume of 1.4 billion at both the NYSE and NASDAQ.

Breadth has built bullish from our 01:00 update with advancers now outpacing decliners by a growing 2 to 1 margin, while NASDAQ breadth has turned marginally bullish at 5 to 4.

New highs at the NYSE has grown to 96 versus 149 new lows, while NASDAQ shows new highs at 24 versus 252 new lows.

Jeff Bailey

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