Over 90% of the volume is day trading “speculators”.
“The balance of trading is due to day trading or trading in calendar spreads.”
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The article claims that, as a result, moves like the release from the SPR are doomed to failure.
I think it’s more accurate to say that moves like that are doomed to failure because they are of insignificant value in comparison to total consumption.
Yes, algos may be in control of the second by second movements in large sections of the market. It is what it is. And large institutional scalpers may be in control of the minute by minute moves. It is what it is. But Helicopter Ben is still in charge of the long term trend.
Helicopter Clam Ben the Beard is in control so long as global consumption is there.
As for the SPR…well i think the whole move is a psychological tactic to try and get short sellers and or large positional traders to slow their actions…or hand
It worked for about 3 days as everyone realized that the release was 16 hours of world consumption.