Paper sold the bell with JPM selling 250 soon after, Swiss banks sells 200 and the story continued. The rally off the open was long locals. They kept the market bid until they found paper buyers on stops near the IB high were they covered. Without the locals on the bid the market went were the market wanted to go. The trend that was in play prior to the holiday counter trend move resumed and we closed well below the open, Fridays settlement, the Value area low and on the lows.
88.50 was last week and the month settlement. This figure will be an important level as we progress through the week and the month.
Tim Mack
"Don't be afraid to give up the good to go for the great." - John D. Rockefeller
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Hi, Tim. Any thoughts for next week? Nothing would shock us. For one, and I know many others who are too, set, shorts loaded and waiting for a major, extended and fierce drive down. If it happens, it would only be the fault of extended manipulation. The inevitable should have been let to happen, the weak weeded out and all of us get a good fresh start. But no, trillions had to be used to meddle with a hope to reverse destiny, just to fill up wall street greed's pockets and those of their cronies in high places, at the expense of the majority of the people in the world, and without making any difference but rather making things much worse! What took place is so transparent it's not funny. The run ups always were and looked and smelled fake.
Thanks.
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