Wrap up FMOC day

Locals were short off the bell from selling to Paper buyers. They took a little heat but eventually were able to break the OR and sell it down to the VA low. After a bounce off the OR high I thought we might catch a nice sell off but they couldn’t make a new low and the market rallied to 89.50. Locals were long going into the news and prices broke 5 handles in a nanosecond. It was a fairly short recovery which is a bullish sign. The usual upward drift occurred until the Fed news but all that produced were paper sellers. Locals were buyers but had a tough time holding bid and the market started selling off. If it wasn’t for the short covering rally at the end of the day I would expect lower prices going in tomorrow. However we closed far enough above 85.50 that as long as we hold this price on the open we should see higher prices tomorrow. With a Vix close at 21.08 we can look for daily ranges to expand.

Tim Mack