No Tick

Friday brought us a strong trend up day on virtually no tick. This is very rare as we only registered one plus 1000 tick on the NYSE TICK which helps to identify buy and sell programs by the institutions. Usually trend days as strong as Friday register more tick to confirm the move. We will have to watch European action more closely as they might have been responsible for the ramp up which came out of nowhere. Although the source of the new money will never be known we do need to keep a watchful eye as many shorts were blown asunder. In the overnight Globex session last night, the resistance number at 1150 seemed to hold this market temporarily. We will have to watch today to see if the same players are in this market and to see if we can indeed close above the 1150 level with more tick readings. We are now in the fourth consecutive week of rallying and Septembers are notoriously bearish so I wonder who is keeping this market with the internals suggesting otherwise? Hmmm?