The market found value between 1090 and 1075 today. That’s not a bullish tone. Ideally for the bulls we should have retraced part of Fridays Raging Rally and traded above Fridays high by 3 handles to find higher Value. If so we would then make it back to 1105 area for a test. Now its wait and see how this market opens and trades in relation to this range. It could go either way because we stayed within Fridays Value Area so really there has been no change to the sentiment of Friday. Still we are closing far enough below the OR low that my guess is for lower prices.
There was very little paper today, mostly buy side this morning and sell side near the cash close. I have to jet this evening so I will keep this post short But I did spend some time drafting a post about the Holy Grail, I just don’t have time to finish it up today. If these dull markets keep up I can post commentary but my guess (and my hope) is that we will see lots of excitement in the very near future and lazy days like today that gives me a chance to write will become less frequent.
Tim Mack
Subscribe to:
Post Comments (Atom)
2 comments:
Just wanted to say great blog. I am enjoying your daily perspective on the mkt's gyrations...please keep 'em comin'!
The holy grail is coming? Can't wait!
Post a Comment