TCM Notes : 9/30/09

• Distribution days have picked up recently, but Tuesday's action was skewed due to holiday volume seen on Monday. 4 for the Dow, 3 for the SP500, and 2 for the Nasdaq now. Lot's of data points hitting today, so volatility should return to the tape. The balance of the action rests in the jobs number due out Friday. Today marks the end of the 3rd quarter as well. 1060 - 1070 is being sold for now in the ES.
• Sold UCO at 10.12 for a hard earned nickel. Tried to let it breath, but the action was such that I thought it best to remove the risk heading into the energy numbers at 9:30am ct. SCO looks like it's set up in a small flag formation and resting above some key moving averages. On top of that the 9dma crossed upward through the 86ma advancing the chances for further upside. The market is focused on demand at the moment even though geopolitical concerns are brewing. It's not my place to tell the market what to focus on. It's my job to listen to what Mr. Market is telling me. And at the moment he's telling me crude is at risk for a rude awakening to the downside if that inventory builds too much.