Today, the Market appears set to open higher. The levels we are watching in the SPY are 110.90(res) and 109.50(sup). Above 110.90, the next resistance level is 111.50. Below 109.50, the next support level is 109.10.
Our best AM Idea for today, which we highlighted in our AM Meeting is to buy WFMI above 35.15. Tgts: 36.00, 36.50.
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2 Comments on “SMB Morning Rundown – February 24, 2010”
Looks like the SEC has set you up to do another installment of reading the tape!
http://news.yahoo.com/s/nm/20100224/bs_nm/us_sec_shortselling
Although we have months to prepare, my initial thought is that we will see more obvious refreshing orders on the ask when a stock is selling off more than 10%, due to the regulation. If traders are serious about getting short with size, they won’t have as much wiggle room to thwack the bids if they’re slow, so they might forsake stealth in favor of more obvious size on the ask. Just some initial thoughts. It will definitely change the character of the tape for big sellers. And besides, as if the former uptick rule wasn’t confusing and pointless enough, eh? Oh well, life with the SEC.
Looks like the SEC has set you up to do another installment of reading the tape!
http://news.yahoo.com/s/nm/20100224/bs_nm/us_sec_shortselling
Although we have months to prepare, my initial thought is that we will see more obvious refreshing orders on the ask when a stock is selling off more than 10%, due to the regulation. If traders are serious about getting short with size, they won’t have as much wiggle room to thwack the bids if they’re slow, so they might forsake stealth in favor of more obvious size on the ask. Just some initial thoughts. It will definitely change the character of the tape for big sellers. And besides, as if the former uptick rule wasn’t confusing and pointless enough, eh? Oh well, life with the SEC.