Friday, November 23, 2007

Price Up, Volume Down

As I mentioned yesterday . . low volume . . so I wouldn't be high fiving the bulls just yet. Daily Qs volume has been running in the 300M range, so today's 45M blip was the lowest volume day since July 3. Once the Qs broke from the pivot at 11:00, it was all uphill, with clear sailing toward R1. I really thought the Qs would break and slip over R1, but as today was Friday, even the bulldogs decided to quit while they were ahead. Being dubious of today's action, I sold some near OTM calls in the last 30 minutes with the notion that a low retest is a distinct probability. The results of Black Friday sales will no doubt be the main topic for Monday's market action and based on today's performance, great things are expected.

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