In spite of a rough overnight trade in Asia, the US and European markets finally got their bearings and caught a bid on merger news. Internals are extremely positive and advancing on an even keel. Look at the steady slope of that dotted Cumulative Tick line in the second pane down. Low volatility in these readings is as important as their trend-direction and absolute level when it comes to identifying trend days like this.
Meanwhile, I am raising stops and will be watching the Intra-Day Sentiment measure (right) and Tick closely for any change in character as we go into the mid-day lull.
