Daily CCT high

My daily Cook Cumulative Tick indicator hit a high for 2010 yesterday with a reading of +243 for the short term. This is noteworthy as we are registering these readings at lower prices. Remember that this is an oversold and overbought indicator, so the reading would indicate that we are overbought and in need of some sell programs to alleviate the overbought condition. However, the daily CCT hit a high of +338 last year so we could go higher if the manipulators want it to. All the rallies yesterday seemed to come off quickly which was a different look than we have had in the past couple of weeks. Also, the 1150 area is now proving to be a formidable resistance for the bulls. Even with the excessively high tick count yesterday, the bulls were unable to close above this number. Each time we test that number and fail, the market needs that much more energy to penetrate it on a closing basis. Remember that we are at the end of the quarter and we could see some window dressing come into this market.