End of B period

There a lot of paper buying today. 50K positive delta on the big size lots. We do need to hold this vwap area within this area. Lot of volatility and risk of getting chopped. We havent seen any strength until today after the break down of the 1140 area. Still a very weak market in the near term.

Delta positive at the top of the hour

Just like yesterday we have additional buying at these levels. Rarely you see a positive delta near the lower 2nd deviation of VWAP as seen in the B & C period today.
Remember that yesterday was an inside day. Finally we have some semblance of normal trading. However the volatility is in wait and come in at anytime a significant break in news surfaces. So the key is to be careful. Prior sessions has been very choppy on the profitability front. I remember a short that stopped me out at entry by 2 ticks and dropped like a rock and then Doc posts the perfect post.

Dips can be bought today if the financials continues strengthen. The inside day breakout is a small small possibility but until the end of lunch time we might not see the volume. Currently, it is not supportive of that bias. we could simply rotate and balance inside until the news (higher probability).

A different mood

Todays market mood is opposite of yesterday before the failure of the bailout vote.
Note that the market had a bid delta negative. Today we are the opposite: 52K positive delta indicating covering and over 30K positive on the big delta. Financials are balancing as well and the PNF chart is not trying to make new directions. Market is comfortable here for today until the next directional news. VWAP provided two small buying opputunities and the price action is not too volatile. Careful of any whipsaws if there are any political comments or consensus. Time is running out.

Bailout woes

Market tanks on possibility of a rejected bailout package. DJ down 700 points.
Rescue plan fails vote.