TCM Notes : 8/4/09

• Nice round numbers have now been achieved across the board. Now what? There are some events that could cause a nice dip on any given day, but I don't think it will be enough to slow the stampede. The Bull is out. Most charts I look at are turning all out bullish on daily time frames, weekly charts are bullish with price targets of potential resistance above, and monthly charts are beginning to show a turn albeit not confirmed fully yet. Futures pointing down at the moment, but with hoofs stamping in Boston you have to watch for the dips to be bought with conviction.
• CNB didn't fill for us as the actual trading differed dramatically from our envisioned scenario. Low was made in the second and third minute of the open with the high coming 37 minutes after that. After that was an 84% retracement and chop in a .02 range for the remainder of the day. Volume was 14m way less than the 26m I was looking for. Interesting storyline here, but no order tickets from me.
• IPOs continue to show impressive returns this year. Looking for more follow through on that theme. Finance, software, and China specific issues have fared the best. I'll be looking to participate more actively in these issues on at least a 90 day cycle once they've started trading.