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Overnight heavy lifting was during the lower volume Asian session. Euro zone trading stuck in a 4 point range, we have already tested the bottom of it. Overnight high 2758.
FT71 commented that yesterday's volume was typical of deep summer trading, not June. Also of interest a new study at Convergent Trading says large trader tag goes to 30 or larger lot trades on the ES. Yesterday 30+ lot trades sold all day long, only buying the closing bar. Seems to me that could be a possible signal for a gap the next day.
Settled for a scratch trade when I saw a long wicked doji bouncing on the new low. Came within a point of yesterday's close so I guess we now know where buyers live.
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morning hourly filled black bar. implication on the top right of the chart itself.
Attachments
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EIA Petroleum Status Report
Released On 6/6/2018 10:30:00 AM For wk6/1, 2018
Prior Actual
Crude oil inventories (weekly change) -3.6 M barrels 2.1 M barrels
Gasoline (weekly change) 0.5 M barrels 4.6 M barrels
Distillates (weekly change) 0.6 M barrels 2.2 M barrels
Educational only and not trading advice (EO&NTA) Good trading to all
I have seen a Ponzi play out. It was the 80's in a nearby small town. As a fact 90 % of the residents all belong to a certain Church which is based in Utah. They had nightly meetings like an old time traveling tent revival. Well covered by the local news, it went on for months bringing in people from several surrounding states.
If Eurozone government debt isn't a Ponzi by the ECB I don't know what is. Not saying US and Canada are pure as the driven snow but come on those rates are ridiculous and have zero relevance to the market rate. And Italy is not Japan! The cash to prop it up is all generated in the north. Still, with something like this you absolutely have to follow Lord Keynes advice on irrational markets and personal solvency.
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