It's 1405 ET and only 1.3M /ES have moved thus far today. Compared to seeing that many move in the premarked in recent weeks, I wonder if the markets are even open today. Just an observation to fill the time today.
this week is options expiration so slow grind higher is almost guaranteed. We might be 5-8%+ by Friday but now we know for sure all those low volume rallies are bull trap they can continue for a very long and then we have 20% down in 2 weeks you just need to be patient this part will be shorter. Jackson hole is in less than 2 weeks and market has to beg for QE3 once again. So the next week will be volatile again. Till then go long or hibernate
Oh I am patient -- not actually trading this week anyway. With expiration, part of me wonders if we'll see a rocket to the upside so folks can exit their positions at their expected targets before the recent 2 weeks' volatility kicked in.
Did you know that Europe was closed today? Did it also occur to you that that the market is waiting on what happens tomorrow with the emergency meeting between Merkel and Sarkozy? Just a thought for ya.
No, I did not see Europe closed. I'm not trading this week and as such don't have all my stuff loaded or am checking all the news I normally do. That would explain much, though.
================= Maybe right Maverick; I thought buy volume was so weak it was bad data , or simply so far below 200dma the SPY,DIA QQQ buyers were boycotting &instead , buying gold ,GLD some. Not a prediction.