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Halftime Report, Thursday October 22, 2009: Sideways

|Includes: SPXU-OLD, SPDR S&P 500 Trust ETF (SPY), UPRO

So far today the markets are showing indecision. The SPY has been basing sideways for majority of the trading session and we cannot seem to get momentum in either direction. The VIX is bleeding out, which supports the bullish case and the fact that we are holding up in a high base formation on the daily chart of SPY. The TICK and the TRIN are neutral for the most part with a couple spikes earlier in the session.

This morning I got stopped out of my UPRO position. The VIX and TRIN were popping up and the TICK was low so I picked up some SPXU. Now the market is trending flat and I am set up to walk away for the rest of the week. I have a conditional bracket order on my SPXU position so I am comfortable leaving my computer.

Sorry for sounding so dull in this video, but I am bored with today’s market action.

Thanks for being part of Trade smart everybody.