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Trade Like a Hedge Fund, by James Altucher

November 28th, 2008

Page 55 – Trading on the NYSE TICK Indicator

The NYSE TICK ($TICK on most trading platforms) is probably the most telling indicator of investor sentiment during the day.  The TICK can be used to gauge extremely overbought or oversold conditions.   It represents the number of stocks ticking up minus the number of stocks ticking down on the NYSE, but can be used as a barometer for stocks trading on all US Exchanges.

If, for example, the TICK reads +200, then 200 more stocks on the NYSE are ticking up than are ticking down. This is a bullish signal and the market will likely move upward.  If the TICK is -354, then 354 more stocks are ticking down then are ticking up. This is a bearish signal and the market will likely move downward. In addition to the actual “number” reading of the TICK, traders should also pay attention to its chart to evaluate how its trading in relation to it’s support and resistance.

NYSE TICK

NYSE TICK

During a typical day, the TICK will range from +400 to -400.  Extreme levels can be +1,000 and -1,000.  For example, in the weeks after September 11, 2001, there were many readings of -1,000.  These extreme levels, +1,000 or -1,000, often represent panic or euphoric / oversold or overbought levels and can be profited from using a reversion to the mean strategy.  When the TICK exceeds +1,000, the market will likely soon reverse because it has become overbought.  Similarly, when the TICK is below -1,000, the market will likely reverse because it has become oversold.  When trading, only enter long positions when the TICK is above zero and only enter a short position when the TICK is below zero.

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