RARE DAY

Yesterday was a rare day. The daily range was less than the overnight range and this demonstrates that the domestic players did not share the same exuberance as the globex players did. Also, we had numerous instances of minus 1000 tick or greater with no plus which is rare given that we made a higher high in the early action. Usually you get a plus 1000 tick in a day like that. The market has now broken out of highs on a couple of occasions but has yet to hold and close above those levels. This is important as the close must be registered. The more we fail to close above breakouts, the weaker this market is. We will have to see if we can close above these levels in the coming days as the bulls want to make a push for the 1200 level. The Cook CCT indicator is at +182 for the short term.