The market had moved less than 100 points by 3 p.m. We consider the 3 p.m hour unique to what is prop up, last minute selling, or manipulation and really take part of our gauge. The count (1 the weakest, 10 the strongest) is 5 to the call. So, by 3 p.m. we had been able to pick up the call, some sell for .50 profits, but most holding an open signal to the call, and a hedge to the put.
Any flat lining, which is what this is, leads to large market moves. We'll watch this Friday, and move to more ITM OEX and SPX issues next week if the market does not show more volatility.
John Murphy, with www.stockcharts.com summarized: NEW 2010 HIGH BY DOW INDUSTRIALS KEEPS DOW THEORY UPTREND INTACT -- UPS AND FDX LEAD TRANPORTS HIGHER -- RECENT DOW LEADERS INCLUDE CISCO, DUPONT, GE, INTEL, AND WALMART
His statements show our reaching of the Fib tops, and an immediate reversal in the 10,800's. But Blue Chips are performing, adding to a rising market. Surges we saw after 3 p.m. are the bulls trying to break a key resistance area.
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