Wednesday, January 3, 2007

Big Tick Spikes Today - Beware

An email from a friend who is a CMT at a leading market making firm down on Wall Street:

MY FRIEND: "we had a minus -1230 nasdaq tick at 215
very very rare. only 4 ticks below 1200 in the past 2 years. there were 0 between 2001-2005 2 between 1999-2001 the largest down tick in Nasdaq history was Oct. 27, 1997 -1621 ticks"

ME: very interesting... someone's unnerved about something. happy new year

MY FRIEND: "for sure... big spikes often mark turn around periods."

All I can say, is that quote from the famous Hill Street Blues Sarge... "hey, let's be careful out there..." Triple digit Dow gain to being in the red... not a good way to get the ball rolling in the New Year.

No comments: