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Interesting comment from FT71 this morning. He said what happened yesterday was sellers pulling their orders which led to the very light volume up move.
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the pullback might be bought around here as this is very first test of ema20 in a long time.
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Overnight moved up steady to 6 AM and a high of ES 2679.50 then steady move down. FT71 commented that there was no cumulative delta, the swings between buying and selling weren't there, so again an unusual market.
yesterday took a pretty big drop to find buyers. With sellers pulling their shares (who wouldn't given the up action) we had a low volume bounce. Question is are there more of those buyers left and how low do we go to bring them out?
ES 2680 ish to 2686 looks like stiff resistance. Three day point of control at ES 2644.75 so that is important level and if it fails then ES 2627 as support.
News chatter is all about the bond markets. Primary dealers had to eat a lot of the new issue and there is a lot more to come this week. If Goldman etc are stuffed to the gills with fresh government paper that has to reduce proprietary equity trading.
John Kemp on oil markets. Hedge Funds are once again all on the same side of the boat. Gasoline ratio of long to short moved from 12.1 last week to 21.39 this week matching the high from May 2012. Move to all in on gas helped the total petroleum (includes Brent and gasoil) to go from 10.28 to 1 to 11.72 to 1 second highest on record behind Jan 30th level of 11.9.
John adds that the National Enquirer is putting out an add free magazine celebrating the Saudi royal family and the crown prince to be in grocery stores across the USA. Winning hearts and minds.
Trades with cats wrote:John Kemp on oil markets. Hedge Funds are once again all on the same side of the boat. Gasoline ratio of long to short moved from 12.1 last week to 21.39 this week matching the high from May 2012. Move to all in on gas helped the total petroleum (includes Brent and gasoil) to go from 10.28 to 1 to 11.72 to 1 second highest on record behind Jan 30th level of 11.9.
John adds that the National Enquirer is putting out an add free magazine celebrating the Saudi royal family and the crown prince to be in grocery stores across the USA. Winning hearts and minds.
mind that pretty double top /CL weekly .. added the USdollar trying to base here… EURO has issues.. DAX… not pretty