DJIA

open  9,736.85

close10,018.28

day high10,026.60

day low 9,736.70

today's volume215,024,170

3mo avg. daily volume 238,175,188

DJTA

open 3,906.29

close 4,058.62

day high 4,062.53

day low 3,905.06

today's volume24,236,378

3mo avg.daily volume 24,142,638

Observations

• Well lookey here... Dramatic buy in on the rebound, tertiary market trending much?  Perhaps building a small secondary trend upwards, but price movements compared to volume, this was short term trading at it's best.  Any bets I haven't placed may get an opportunity this week.

• Interesting observation, at about quarter to 4:00p E.T., money.CNN.com lists DJIA daily volume at 143,475,534 and DJTA volume at 16,401,221.  33% of DJIA and 32% of DJTA volume in the last 15 minutes of the day?  Impressive.

• Over the past 12 months the DJIA and DJTA may as well have been staring in a mirror.  Both markets moved substantially together today.  Avoid the noise and watch the primary trends.  This is a long term push with substantial jockeying.  

...If I Were a Betting Man...

• I'd bet on a brief but steep morning rise and afternoon fall tomorrow.  Perhaps closing even or just below today's close.  The surge in late afternoon volume today is interesting.  I watched some bobble-heads as I wrestled around with the pups and ate a sandwich at lunch today encouraging viewers that we've "hit the double bottom," etc.  Dow Theory, there's no such thing as a double bottom, and when there is, it means nothing.  It just sounds good to the peons.  Are we seeing traders covering positions, or the general public jumping in late afternoon in hopes we are in a short term rally?  When this daily nonsense signals a true secondary market, I'd place my bets then, otherwise, enjoy the noise.  

• I'd also bet that we'll probably never see the DJIA at 11,000 again... at least not in this market movements. 

Below DJIA 6month chart, from money.cnn.com.  Assuming 1/3rd to 2/3rds secondary corrections, I'd put this moves high in the 10,200 range as a roughly 2/3rds short term retrenchment. 

Below the DJTA 6month chart, from money.cnn.com.