Mark An Eight Dude

Despite the high blood pressure market holding a gun to investors’ heads, we managed to close out the day plus 8 on the S&P five hundred.  And while the Russell and NASDAQ could not manage to close green, bull have officially managed to complete a two day upward move.  Celebration!  Here’s a few other things that happened that you should be aware of.

The NASDAQ stopped rotating like a banshee and started to chop.  Every day of 2016 has been big rotations all day, every day.  The big waves let us know the higher time frame is active.  And while the higher time frame was participating early on, today morphed into local-to-local chop.  A nice game of ping pong went down.  Locals were back to their antics, spoofing and pulling bids to knock plebs about.

Crazy stocks like Twitter just sort of consolidated.  Not that it is good to spend lots of time on swing low, just hanging out, but individual stock volatility receded a bit.  Not that it matters to much with earnings just around the bend–and fully able to blow up any hot name.

Oil held just below the $3o handle.  Maybe the Arabians finally took their fleet of jumbo jets to Davos to enjoy some skiing.  The commodity managed to just rip and chill.

I suppose that was the big accomplishment on the day, it went quiet.  Every day this year has been anything but quiet.  Perhaps, just maybe, we can have a NASDAQ Globex session with less than 60k contracts traded and/or less than a 60 point range.  Then, we actually be starting to normalize.

In the meantime, all gaps, both ways are suspect to be filled in the following session.  The gap trade has been very good to traders this year.  The gap fill is like death and taxes, not if, but when.  We are still over the line, so everybody just be cool, man.