Equity markets pressed higher at 8:30am after the US posted stronger than expected NFP data to the wires. Just after the bell at 10am we have Wholesale Inventories and Trade Sales and at 1:20pm Fed’s Lacker is delivering a speech on his 2015 economic outlook. We also have two ongoing hostage/terrorist situations in Paris.
Prices are still on the move in the globex market but as we approach cash open we are trading right around yesterday’s high of the session. We spent the overnight session trading above the mid of yesterday’s big range before taking out the highs on the NFP data. The two pushes above Thursday’s range have found responsive selling.
Yesterday the market went gap up and started the session above the prior two day’s ranges and half-way into Monday’s range. Shortly after the open a strong driver came in and pushed the market higher. Toward the end of the session prices came into balance resulting in a P-shaped profile. This type of print suggests a short squeeze took place.
In the context of a downtrend, a P-shaped short squeeze profile often occurs at-or-near the end of a counter rotation higher. However our current context is not a downtrend. Our current context is intermediate term balance and it is comprised of all trade dating back to October 31st, see daily chart below:
For high level prices to keep in mind, I am sticking with the daily chart and highlighting the key Nasdaq levels below. Note the three distinct volume distributions separated by two volume pockets. This is vital information while navigating this big chop.
do you think this man was complacent?
http://espn.go.com/nfl/story/_/id/12140365/ex-miami-dolphins-fullback-rob-konrad-swims-9-miles-fall
fucking badass, I train for this exact scenario all the time, never know when it will come in handy. The real skill is overcoming to mental taxation of cold water, if you start to gag, game over
i’ve got that fire in the eye today. along with the little blue bird.
me too