Pre-open Tuesday 23rd February
Monday’s session generated a narrow, overlapping Value Area and very low volume. There is little to add to yesterday’s pre-open comment except to note that ST sentiment indicators (see below) show some retail Bulls stirring at last – nothing to worry (contrarian) but worth watching over next few days should the market make progress. Also the dollar index once again held above its major 1/2 level.
ST sentiment: On Monday my version of the Rydex Assets ratio was up from 1.16 to 1.7. Bull fund assets I follow were up 9% and Bear fund assets down more than 20%. VIX closed at a 22 day low
