TICK

The daily Cook Cumulative Tick Indicator (CCT) has now fully corrected the previously oversold condition and moved into short term overbought as the reading stands at +23. The market action has confirmed the breakout and closed above  the 200 DMA on the S&P cash. However,  things are getting a little overdone in the short term as we have not seen any minus tick readings in the last couple of trading days. Be careful at these lofty levels as any bad news item can really hit this market. Technically we have old resistance at the 1115-1117 area. Yesterday the advisory recommended to short the S&P futures at 1102 for 4 points and we did achieve our profit objective quickly during the morning action.  Please tune into the morning advisory for further details on the upcoming trading day including trade recommendation for the S&P futures and the bonds.