4.24.2009 - Quick hits

Intraday P/C ratio was too high at the open to support selling. The market will continue to move in the direction of stops, which means buy stops to the upside right now. No significant TICK readings and ES holding over VWAP.

XHB at the 200 MA and the QQQQ extension of this swing is $23.89 for 127.2% and roughly the 200 MA for 161.8%. I expect the latter.

No positions here. Did a quick trade and stop at breakeven on TZA this morning when I thought the relative weakness in IWM would hold.