Give me a farmer over a banker any day. No days off when it’s you verses nature.
NASDAQ futures are beginning the week gap up after an overnight session featuring normal range and volume. Price worked higher in a balanced and methodical manner, achieving new record highs.
There are no economic events scheduled for today because it is Columbus day and the banks and government outfits are closed in celebration of European colonialism—a spreading around the globe of humans who lived in close proximity to livestock and therefore developed immunity to animal borne viruses. If you think about it, those people living in North Carolina, which has more pigs than humans, will likely be the humans ruling the world. Since they are the first to contract swine flu and whatnot, from those delicious cesspools they live around.
Last week the markets rallied. They rallied all week long. By midweek the Russell was marking time, but with a slight upward drift. Below the last week performance of each major index is listed:
On Friday, the NASDAQ printed a normal variation up. The day began with a gap down and buyers pressing into the overnight inventory. After some two-way-auctioning, the market went range extension up and eventually closed near high-of-day.
Heading into today my primary expectation is for sellers to work into the overnight inventory and close the gap down to 6064.50 before two way lazy trade ensues.
Hypo 2 gap-and-go higher, open air, take out overnight high 6082.50 before two way trade ensues.
Hypo 3 stronger buyers press up to the measured move target at 6113.50.
Volume profiles, gaps, and measured moves:
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