Today was a bit uneventful, heavy paper selling came in off the open and the locals joined in. Paper quieted down and locals found a bunch of stops at 57.75 so that they were able to cover their shorts and get long. They met some paper selling on the way up which they absorbed and kept the bid going until paper buyers came in above the IB.
I expected the market to sell off after a test of the IB high but buyers came in. The market is in a difficult spot to read. There is a bearish wedge building but we closed above the OR. I think the market may need to rest a bit until it starts another major move which as long as 77.00 holds should be down. Nevertheless wild horses couldn’t get me short above the OR. before the IB is complete.
Tim Mack
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1 comment:
Tim, hope you did well today. Very eager to read your take on things, and advice.
Thank you.
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