I was off screen for most of the day and did not have any trades.
The market has been extremely tight for the past couple weeks. It is unusual to see such a lack of movement around a major high.
I am anticipating a major washout above the current price prior to the market selling off.
It will be interesting to see if the price hangs around this area until January.
I suspect that there are many market participants such as large funds trying to prop up the price so they can close out the year strong. I find this ridiculous.
There is probably a lot of liquidity above the market in the form of stop orders from those who are short. I would expect the price to be drawn towards these orders in attempt to wash them out.
In the mean time I will just trade what I see intra day.
No comments:
Post a Comment
Note: Only a member of this blog may post a comment.