1-13-2011

Composite: Broke out of 7-day balance to the upside. We found acceptance in the upper area of the range.

15 min: Value moved higher. After gapping up then a short pullback to the support in the 1276 area. We closed near the HOD. Expecting a balance day today.
AM Thoughts: Overnight condition is balance. Expecting balance day after yesterday's big gap up. Opening type, looking for OAIR or OTD, but, as always the market will tell us what it wants to do.

Hypothesis: Overnight inventories are in balance ( 6:30 AM CST ). Probabilities favor day session to trade the same. We have jobs number at 7:30 AM CST. That could move the overnight market out of balance. I am guessing this is what the market is waiting on to move if it is going to move out of balance.

Plan: Today the plan will be to fade the edges unless we get continuation of yesterday's rally and break out to the upside.

Quote of the day: "Nothing Ventured, Nothing Gained." -"The Dean"