Early market action: What it is telling me today.

As I watch the opening bell this morning and watched the quick run up on the Dow and the Nasdaq, I watched what was happening to the Ultra Short Russell 2000, symbol TWM. Well before the opening it was at $84/share and I have watched it steadily increase to where it is now after only 15 minutes the market opened. It currently sits at $93.55/share so it clearly is gaining traction. Simultaneously the Nasdaq was up over 40 points and has since backed off to being up only 18 and the Dow, which was up about 400 points has backed off and now sits up 250 points.

What does this mean? There is skepticism about the move of the market in the past 2 days and that may mean many are selling into the rally. I don't trust it either! Preserve Capital!

UPDATE: Market closed down, as predicted, with the Nasdaq down 65 points to 1779 and the Dow ended down 77 to 9311. TWM gained 5 points to $99.95/share. And Volume was down as well. It was lower than all of days daily volume during last weeks decline,