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Small caps dropped from 1380 to 1370 (TF) in five minutes when the EIA oil inventory report came out, probably counts as the big move of the day.
All last week the weather was bad everywhere but Florida, kids were out of school lots of office jobs were on slow so what a surprise that we didn't use much gasoline. Next week's numbers will be better but not normal as weather still stinks her in the intermountain west and Monday was a holiday for most.
well, rebound here maybe but this bear may have legs.
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London closing is not a reason for the second push down in small caps. It does happen with regularity to the S&P.
Small caps are having a seriously bad day as they are 5 points below the 20 day average daily range and in fact are back to Tuesday's closing level. If you recall Art Cashin said that the hockey stick save on Tuesday was due to a large imbalance in the buy at close order book.
This is what I was talking about. That is a Keltner channel with VWAP on each chart. Blue tint is 1 standard deviation on the VWAP which should contain about 70 % of price. Keltner should contain 93% of price.
20 day Average Daily Range is the big pink band. These are 24 hour charts.
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