UPDATE 12:30pm EST: The NQ is clearly leading today – it was dropping harder than the ES this morning, and it bounces stronger than the ES as well.
Watch the NQ or the NDX for any signs of a retracement. I thought I’d never say this but if I see one more daily down candle I’m going to puke. Player needs a reload once in a while…. this morning was extremely disappointing. I actually miss the Paulson/Bernanke duo – now there were two fellows who knew how to bang up the tape!
UPDATE 12:52pm EST: Something’s not right – observe:
This is another indicator I wrote a while back – I call it the Supertrin. It’s basically the TRIN normalized to compensate for the bearish extremes and then flipped – reads so much better than the traditional TRIN. Anyway, you can see that the readings are very strange – it’s actually pushing up while the market keeps dropping and dropping in a very orderly fashion. Call me paranoid but I’m thinking big huge bear trap – there might be a bounce coming.