Rickshaw has been missing a big opportunity the past few sessions...This is the textbook "sneak attack" where all of the range occurs overnight and the market makes these massive percentage moves in such a short duration...
seems like they are trying to re-do the post Aug ramp... but that was before Fed hiking began and before neg rates and before world recession became so clear. In fact, that Aug swoon down seemed just a little to much pre-planned, little to orchestrated to get the 'short move out of the way early' and keep the ramp back and overall rally intact. Obviously it didn't work. So here we are, CBs now in a bad way and are buying every swoon downward....manipulating low volume days and closed days, trying to prevent long term buy and holders from selling and going to cash...propping oil as much as humanly possible. Fed really has to keep hiking to save bank profits and solvency (we can see what neg rates do to bank overall solvency in Europe) history says that the more they manip this higher, the worse the eventual fall and its not going to get kicked way down the road either...japan and Europe already cracking down the middle as we speak...and Russia and china looking very bad so...the Fed can announce halt to hiking and kill US banks or continue hiking and kill US rally? March is the next month they have a hike slated only thing missing here is Rickshaw Man...maybe even he sees the futility in hitching his wheels to these overnight ramps. I mean, his cart could get whipsawed and thrashed about pretty badly as these tremors become full blown quakes
Good analysis, PC...I view it as an attempt to re-create the Oct rally, there are many similarities in the price structure, especially when viewed with the double bottom bounce on 2/11 which approximates the end of last Sept (9/28?)...The market has been making turns every 9 days recently, tomorrow (Tues 2/23) will be another and the 50day MA is looming just overhead...
by the way, anyone notice how crude mysteriously ramped for no apparent reason just hours before the ceasefire.... wow..talk about headfake move higher, then the rug pulled out.