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Raul3

I turn dials and fiddle with knobs to hone in on harmonic rotations

Coping with a regime change

Not talking about having a new President here. There was a change over far more important to my livelihood and that was switching from Exodus to Stocklabs. If you stumbled into this blog expecting more election fodder you can leave now (and hopefully never come back). My stated purpose is to consistently extract as many fiat american dollars out of the global equity complex as I can while blogging about how I do it.

Things you will not find here

  • assigning reason to stock market movement
  • jokey banter in a New Jersey accent
  • pump articles about five lettered tickers
  • quick money schemes

If hubris emerges it is usually in the form of vanity or insatiable lust.

Anyhow, the regime change I am coping with is one I have struggled with in the past. New software. The world of active trading does not look kindly onto those who do not adapt though. The death of the pit trader, for example. Therefore I must continue to refine my ability to adapt and reinvent. Never resting on my laurels, no matter how well things are going.

Exodus flagged hybrid oversold on Wednesday, October 28th, nearly nailing the swing low to.the.day.

I did not see it because I transitioned to Stocklabs on the 25th. This type of event can cast doubt on the psyche of a weaker man. Then, in the heat of action, I might feel the urge to close Stocklabs and open Exodus. Then if it has conflicting signals I’m like fuck. My brain gets all its wires crossed and I start losing a sense of direction. Then there suddenly feels like there is no air in the room. There’s no air in here. I can’t breathe. I can’t breathe (RIP George Floyd). Whether these thoughts are real or imagined does not matter. You are not in a position to make objective decisions.

There are various institutions and organizations that seek to make you to feel that way. Why do you think fucking pig cops have those wretched flickering lights and blinding spotlights? They seek to disorient. When we lose our faculties we are easier to control. When layer-after-layer or bureaucracy are heaped upon a project the cognitive load is designed to deter anyone unorganized from making progress. When cable news outlets use trigger words in their headlines and fill the screens with argumentative noise while scrolling more and more information along the bottom and side they seek to evoke a panicked attention.

While there is no organization attempting to control me after I choose to use a new software, I am wrestling with the most powerful sparring partner of all—the man in the mirror. The E-G-O.

I intend to cope how I do best. Unwavering commitment, but more-so like how I commit to lines at the grocery store. The mind can run wild in the grocery queue can it not? The lady two ahead of you drops her paper coupons and they scatter across the floor. Two lines over is just a couple of dudes holding styrofoam clam shells full of prepared food. The cart behind you is fidgedy and right on your heels. They’re a member of the great american religion. The church of anxiety. We either stay in our lane, or if it becomes abundantly clear there is a better option, we make the shift. We do not jump from one line to the other then another then grimace as the line we originally chose flows better.

Well I feel better after writing all of that out. I feel bad for anyone who has even read this far. Enough of that.

The job is to plan and the plan is to trade opening bell on the NASDAQ-100. Work the open gaps in prior day range. Use the IndexModel bias to determine which direction to trade. Write a primary hypo and stick to it unless new information renders it false. Then we have a 50/50 chance of picking the right hypo from 2 or 3. Go for overnight range break and initial balance break only if a valid hypo still exists. Defend the mid if it makes sense.

Never sell the long term investments. Immortal institutions like Tesla and Amazon. Twitter and Square.

Last week alls I did was buy more bitcoin, Twitter and Costco.

There are signs of excess. The market could correct soon. We don’t know when these corrections will happen. The relief comes from knowing that they don’t matter. What does matter? Jack Dorsey. Google. Daddy Elon Musk. Progress in the name of progress and to hell with the old ways.

I’ll end on that note. Be sure to drop by in the morning and cheers to banking coin.

Raul Santos, November 8th, 2020

And now, the Weekly Strategy Session. Enjoy.


I. Executive Summary

Raul’s bias score 3.5, medium bull*. Markets settle into a calm drift until Thursday morning when Fed Chairman Powell speaks. Expect markets to find direction late in the week after the Fed speak and carry the move into the weekend.

*IndexModel triggered extreme Rose Colored Sunglasses bullish bias. See Section V.

II. RECAP OF THE ACTION

Gap up Monday is faded. Sellers press until late Monday then a strong rally takes hold. A series of breakaway gaps higher carry the rally through end of Thursday. Friday morning sees a sell spike that is consumed by a strong bid which eventually leads to a rally into the weekend.

The last week performance of each major index is shown below:

Rotational Report:

Tech leads the way as we see a strong risk on rotation back into equities after three consecutive weeks of risk off behavior. Utilities and Staples lagging which suggest risk appetite remains strong.

For the week, the performance of each sector can be seen below:

Concentrated Money Flows:

Industry flows skewed heavy bullish after being extremely bearish the week prior. Several semiconductor industry groups up near the top of the list suggest the rally included quality areas and not just garbage like cannabis—which outperformed all other industries last week.

Here are this week’s results:

III. Exodus ACADEMY

Transitioning into acceptance

Last week I observed several fintwit accounts expressing feelings of chaos. Loss of understanding. Disbelief. Types of emotions associated with domicide or some other form of loss. These were mostly Donald Trump supporters. However the market bewildered many a speculator as it rallied hard during the slower than usual presidential election process.

Denial can be a real risky emotion when trading.

Whether that denial continues into next week will likely in a large part be determined by the behavior of Trump. If he denies the legitimacy of the election process, his devote base is likely to do the same.  Eventually, there will be a shift away from denial and into acceptance.

Our job is not to cast judgment on these contextual observations, but merely to do our best to objectively keep them in or perspectival framework while trading.

Note: The next two sections are auction theory.

What is The Market Trying To Do?

Week ended searching for sellers.

IV. THE WEEK AHEAD

What is The Market Likely To Do from Here?

Markets settle into a calm drift until Thursday morning when Fed Chairman Powell speaks. Expect markets to find direction late in the week after the Fed speak and carry the move into the weekend.

Bias Book:

Here are the bias trades and price levels for this week:

Here are last week’s bias trade results:

Bias Book Performance [11/17/2014-Present]:

Semiconductors press into potential support, same for Transports

Markets fluctuate between two states—balance and discovery.  Discovery is an explosive directional move and can last for months.  In theory, the longer the compression leading up to a break, the more order flow energy to push the discovery phase.

We are monitoring two instruments, the Nasdaq Transportation Index and the PHLX Semiconductor Index.

Transports bounced off range low and appear to be compressing. If this compression continues, it will start to build energy. The eventual break could send price out of the larger multi-year balance. This is a lot of “ifs. For now, the call for balance remains.

See below:

Semiconductors found a strong bid down at their support cluster for formed a strong fourth thrust higher. Discovery up continues. The fourth thrust can be tricky. Either this could mark the end of the rally, or be the start of something much bigger.

See below:

V. INDEX MODEL

Bias model is signaling extreme Rose Colored Sunglasses. The signal calls for a calm drift, perhaps with an upward bias.

VI. QUOTE OF THE WEEK:

“Except our own thoughts, there is nothing absolutely in our power.” – Rene Descartes

Trade simple, discipline of the mind, trade the plan

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NASDAQ below Thursday range, here is Friday trading plan

NASDAQ futures are coming into the final day of the first week of November gap down after an overnight session featuring extreme range and volume. Price worked lower overnight in a series of three rotations. The first lasted until about 8pm and did not take out Thursday low. The second took out the low by a bit. The third pressed a bit lower, nearly tagging the Wednesday high. At 8:30am non-farm payroll data came out better than expected. As we approach cash open price is hovering along the Thursday low.

There are no other economic events today. Investors are likely watching for more clarity on the final decision on the Presidential election.

Yesterday we printed a neutral extreme up. The day began with a pro gap up, trading up at levels unseen since October 14th. THe range was tight for the first few hours, with sellers making the first move out of initial balance. Buyers controlled the tape from about 12:45pm New York onward though, pressing through the range and going range extension up. After going neutral price worked back to the midpoint. Then we ramped back up and closed near the high during the closing settlement.

Neutral extreme up.

Heading into today my primary expectation is for buyers to work into the overnight inventory and reclaim the Thursday low 11,972.75 then continue higher, closing the gap up at 12,108.50. Look for sellers up at 12,147.50 and for two way trade to ensue.

Hypo 2 sellers reject a move back into Thursday low 11,972.75 setting up a move down through overnight low 11,868.25. Look for buyers down at 11,774.75 and for two way trade to ensue.

Hypo 3 stronger buyers tag 12,200 before two way trade ensues.

Levels:

Volume profiles, gaps and measured moves:

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NASDAQ pro gap up after big overnight session, no clear victor in the pits, here is Wednesday trading plan

NASDAQ futures are coming into the day after US elections up a quick +400 after an overnight session featuring extreme range and volume. Price was choppy for most of the evening, but pressing higher. Then around 10pm New York a strong bid entered the market and drove price higher. The buying nearly took us to levels unseen in 10 sessions before stalling out up near the 10/21 highs. From there price reversed the entire gain and traded back to the Tuesday high. Buyers rejected a move back into the Tuesday range around 3am and we spent the rest of the Globex session rotating higher, but not exceeding the high print set around 1o:15pm. At 8:30am both ADP employment change and trade balance data came out below expectations. As we approach cash open, price is hovering just below the 10/21 midpoint.

Also on the economic calendar today we have crude oil inventories at 10:30am.

Yesterday we printed a normal variation up. The day began with a gap up in range and after a brief two way auction initiative buyers stepped in and drove price higher, driving higher and close the gap left behind last Thursday. Just beyond that open gap responsive sellers showed up and we worked into a tight flag for several hours. Around 2:15pm sellers rotated price back down to the daily midpoint and buyers defended. There was a steady rally into the end of the day but no new high was made. We ended the session back down near the midpoint.

Heading into today my primary expectation is for sellers to work into the overnight inventory and work a half gap down to 11,400 before two way trade ensues.

Hypo 2 stronger sellers work a full gap fill down to 11,224.25. Sellers take out overnight low 11,224.75 on their way to tagging 11,200. Look for buyers down at 11,159 and for two way trade to ensue.

Hypo 3 gap and go higher. Trade up to 11,818.50 before two way trade ensues.

Levels:

Volume profiles, gaps and measured moves:

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Enter the holding pattern, here is Tuesday NASDAQ trading plan

NASDAQ futures are coming into election day with a slight  gap up after an overnight session featuring elevated volume on extreme range. Price was balanced overnight until about 3:45am New York when buyers stepped in and broke range higher. The buying stalled before taking out the Monday high, and as we approach cash open, price is hovering about 60 points above the Monday midpoint.

On the economic calendar today we have factory orders at 10am followed by a 52-week T-bill auction at 11:30am.

The major event today is the U.S. Presidential election. As the results begin to crystallize this evening we may see an uptick in volatility.

Yesterday we printed a double distribution trend down. The day began with a gap up in range. The first half hour was spent gap-and-go higher but buyers stalled out two-ticks beyond the overnight high. This mini failed auction would mark session high. It was seller controlled for the next several hours—closing the overnight gap and eventually taking out overnight low and eventually taking out the Friday low by a few points. Then it appears another failed auction took hold, and from about 2:45pm onward we rallied back to the midpoint and ended on it.

Heading into today my primary expectation is for sellers to work into the overnight inventory and close the gap down to 11,072.25. Look for buyers below at 11052.75 and for two way trade to ensue.

Hypo 2 buyers gap-and-go higher, trading up through overnight high 11,181.50, tagging 11,191.25 before two way trade ensues.

Hypo 3 stronger sellers trade down to 10,980 before two way trade ensues.

Levels:

Volume profiles, gaps and measured moves:

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Money flows up into beginning of November, here is Monday NASDAQ trading plan

NASDAQ futures are coming into the first day of November and the day before the presidential election gap up after an overnight session featuring extreme range and volume. price was choppy overnight, chopping around the unchanged level until about 4am New York. Buyers pushed price higher around then, driving up into the upper quadrant of last Friday’s range before encountering meaningful responsive selling. Sellers defended the 11,200 level, and as we approach cash open price is hovering a bit above the Friday midpoint.

On the economic calendar today we have ISM manufacturing at 10am.

Last week was choppy through Tuesday then we saw a big move lower Wednesday. Thursday was buyers attempting to reject the big sell but then Friday prices continued to slide lower. The last week performance of each major index is shown below:

On Friday the NASDAQ printed a double distribution trend down. The day began with a gap down near the Thursday low. A brief two-way auction saw buyers fail to press out of the lower quadrant of Thursday’s range. Instead sellers stepped in and drove down through the weekly low. The selling continued, unidirectional rotating down into the lower quadrant of the range from 09/25, a conviction buying day. Around 11:30am responsive buyers stepped in and worked a sharp rotation higher but were again overwhelmed by sellers. Sellers had price back on the lows by 3pm and we chopped along the lows until the end of the day when a ramp higher took price about a quarter of the way off the lows.

Heading into today my primary expectation is for sellers to work into the overnight inventory and close the gap down to 11,072.25. Look for buyers down at 11,054.25 and for two way trade to ensue.

Hypo 2 stronger sellers tag 11,000 then continue lower, taking out overnight low 10,981.75. Look for buyers down at 10,967.25 and for two way trade ensue.

Hypo 3 buyers press a gap-and-go, trading up through overnight high 11,211.50 early on and continuing up to 11,267.50 before two way trade ensues.

Levels:

Volume profiles, gaps and measured moves:

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It is all happening at once

I suppose this is what we play for. Next week carries the promise of big opportunity for the speculative class. Stick to the plan. Press the winners. Cut the losses and manage risk and all that is sacred to the active trader. If the net sum of the action starts to feel too all-or-nothing step back. Remember the markets have been here longer than any of us and they’ll still be here long after we’re gone. There is nothing personal about the numeric representation of millions of humans and algorithms interacting. It is simply information. An instant feedback on whatever position you take. There is nothing wrong with standing aside and watching the big waves from a high perch. Here’s where we stand and what we’re up against.

Yesterday was a full moon and the final day of October. November is here and winter is pressing in fast. Early this morning we hit the daylight savings shift.

U.S. election Tuesday and by night we’ll likely see extreme volatility in the futures.

FOMC announcement Thursday and non-farm payroll Friday.

I made a professional effort to off-gas the steam built up in my system last night. I menaced the town until about 5am, dressed like some psychotic masked bear ghoul. This was after taking the niece and nephew around for trick-or-treating and screening out two, mind you, two pieces of fanatic christian propaganda from their sacks. The sleazy pamphlets were formatted to seem innocent, then half way in they cast shame. I resisted the urge to go back and knock the zealots’ teethes out, instead haranguing some internet stranger in the comments section of a Fly blog. Drank enough hooch to put an ache in my spleen and now I feel purged of my anger, physically depleted and pure of mind.

(We all have our rituals)

That is all I wanted to say. Oh one last note…IndexModel is flagging Bunker Buster. This signal tends to preclude an acceleration to the downside. I’ve had a notoriously hard time day trading it. Instead I’ve shifted my approach to using Bunker Buster signals as a time to accumulate shares of my top long-term positions. This week I will be making a few buys of Twitter. I will do my best to time these instead of overly focusing on catching the lows in the market.

When the risk is high we do things the same as always—start off with a morning trading report. Work open gaps in range. Other key stats. Then go back to the sidelines. Eat the elephant, or something like that.

Raul Santos, November 1st 2020

And now for the week’s Strategy Session. Enjoy:


I. Executive Summary

Raul’s bias score 2.3, medium bear*. Volatility increases as price accelerates to the downside. Look for markets to eventually form a sharp, excess low and eventually rally into the week’s end. Geopolitical risk is high with U.S. elections Tuesday. Also be aware of an FOMC announcement Thursday and Non-farm payroll Friday.

*IndexModel triggered a Bunker Buster signal. See Section V.

II. RECAP OF THE ACTION

Choppy through Tuesday then a big move lower Wednesday. Thursday saw buyers attempting to reject the big sell but then Friday prices continued to slide lower.

The last week performance of each major index is shown below:

Rotational Report:

Rotations bearish for a third week—full on risk off move away from equities.

For the week, the performance of each sector can be seen below:

Concentrated Money Flows:

Industry flows skewed extremely bearish. When this happens, we tend to see money flows continue lower for another week.

Here are this week’s results:

III. Exodus ACADEMY

Stay innately aware of emotions into this big week

Tuesday’s election is likely to introduce extreme volatility into the marketplace. There are other big events (FOMC meeting Thursday, NFP Friday) but the election is the main factor in next week’s action. There is no need to “catch” any part of the price action leading into and immediately following the action. However, the opportunity is high. If we can keep a cool head and focus on strategy execution there is potential to extract gains rapidly. Of course the opposite is true. Keep risk management at the forefront. Remember, the market will still be here long after the election. Don’t force the action. Take it one day, one trade at a time.

Note: The next two sections are auction theory.

What is The Market Trying To Do?

Week ended searching for sellers.

IV. THE WEEK AHEAD

What is The Market Likely To Do from Here?

Bias Book:

Here are the bias trades and price levels for this week:

Here are last week’s bias trade results:

Bias Book Performance [11/17/2014-Present]:

Semiconductors press into potential support, same for Transports

Markets fluctuate between two states—balance and discovery.  Discovery is an explosive directional move and can last for months.  In theory, the longer the compression leading up to a break, the more order flow energy to push the discovery phase.

We are monitoring two instruments, the Nasdaq Transportation Index and the PHLX Semiconductor Index.

Transports are nearing the bottom of their established range. This market is likely to catch a bid down in these levels. Otherwise we may begin a new discovery leg lower. The more likely outcome is to remain range bound.

See below:

Semiconductors kept sliding last week and are pressing into a support cluster. Primary expectation is for it to hold. If not, like Transports, we may see a shift into discovery down.

See below:

V. INDEX MODEL

Bias model is signaling Bunker Buster. This signal calls for volatility to increase, with price accelerating to the downside before eventually forming a sharp low and reversing higher.

VI. QUOTE OF THE WEEK:

“You will earn the respect of others if you begin by earning the respect of yourself.” – Musonius Rufus

Trade simple, love your discipline

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NASDAQ been rallying since 2am, still down -100, here is Friday trading plan

NASDAQ futures are coming into the final day of October down -90 after an overnight session featuring extreme range and volume. Price dove lower during the settlement period Thursday afternoon, then continued steadily rotating lower through the night as investors reacted to several major earnings reports from Big Tech. The selling worked price down to a new weekly low, trading down to levels unseen since September 25th. Since then price has worked +200 off the lows. At 8:30am personal income and outlays data came out mixed, to slightly better than expected and as we approach cash open price is hovering in the lower quadrant of Thursday’s range.

The only other economic event today is consumer sentiment at 10am.

Yesterday we printed a double distribution trend up. The day began with a slight gap up and after a brief two-way auction buyers stepped in and drove price higher, rallying up into Wednesday’s midpoint before meeting any meaningful resistance. A battle ensued along Wednesday’s mid until about 1:15pm New York when buyers broke the intra-day range and drove up into the thin prices above 11,350. It was all buyers in control for the rest of the day, eventually taking out the Wednesday high by a few points before sellers re-engaged. Price was sort of fading off the highs into the close then, as noted earlier, price dove lower during settlement. We ended the session right on the mid.

Heading into today my primary expectation is for a choppy open. Look for sellers to move price down through the Thursday low 11,170.50. Look for buyers just below at the Wednesday gap 11,163.50 and for two-way trade to ensue.

Hypo 2 buyers press off the open, closing the overnight gap up to 11,322 then continue higher up through overnight high 11,339 before two way trade ensues.

Hypo 3 stronger buyers sustain trade above 11,300 setting up a run to 11,400.

Levels:

Volume profiles, gaps and measured moves:

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High level thoughts ahead of earnings from Big Tech

Internet was a strange twist in the simulation. Over the last 3,000 years or so humans have experimented with a variety of ways to organize large groups of people to cooperate. Democracy has fought like hell to be the de facto, but we’ve spent the last 240 years here in the New World experimenting with it and it is safe to say not everyone is on board.

The big vote is coming up. Who Wants To Be A President is like a game show from hell. The N-95 mask verse the autocrat. Here in Michigan, there is a huge presence of upper-middle class scum, real greasy fuckers who’ve spent their entire life sprawling every which way out from Detroit, clearing nature and plopping down 4000 square foot hovels with three acre lawns. They don’t particularly like democracy. They want a king. Maybe they are kings of their petty domains, gunning down harmless woodland creatures for sport and otherwise growing fat and paranoid in isolation.

Capitalism is not perfect but it has enough components to keep us interested. It allows for autocratic leadership, democratic and other hybrids. When paired with internet, it allows non-traditional figures to rapidly rise to power. Not through mining precious resources or enslaving a presumed lower rank. Outcasts less interested in power and money and more in humanity, humble leaders like Jack Dorsey, now oversee some of the most crucial components of society—like the big bull horn aka Twitter.

“In a prosperous democracy that is also a society of winners and losers, any may without an equalizer or at least the illusion of one is by definition underprivileged.” – Hunter S. Thompson

Jack has been playing the slow game with Twitter, not even giving into the visceral demands for an edit button. How simple would it be to code in an edit button? Fuck you. Delete your tweet and start over. Not giving into the demands for an edit button is what separates the Jack Dorseys from lesser, more harmful leaders, leaders who’ve addicted themselves to the roar of a crowd.

I’ve withdrawn from conventional society long ago. A derelict futures trader, street charmer and vagabond operating on the fringe of society. Foraging for mushrooms and chasing snowstorms around the Rockies. I do not reside in some bourgeois cube, commuting to 50k worth of desk servitude. I roam with the outcasts, the career drifters and odd jobbers.

This fringe life allows a clear perspective on what is temporary—sovereign nations, borders, politicians and movements. And what is immortal—Google, Tesla, Microsoft, Twitter, Amazon, bitcoin and so on.

I couldn’t care less who is President, judge or sheriff. All that matters is quarterly earnings from Big Tech and the decisions and health of Big Tech leaders. They are steering the most crucial ships in this tumultuous simulation. Grown up hackers. Quite the twist, yes yes? Much more eloquent than anything Jerry Bruckheimer could conjure up.

Bullish Big Tech. Bearish Nations, U.S. fiat and anyone whose name is on a fucking lawn sign.

Raul Santos, October 29th 2020

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Hard sell overnight, here is Wednesday NASDAQ trading plan

NASDAQ futures are coming into Wednesday gap down after an overnight session featuring extreme range and volume. Price drove lower overnight, trading in a near unidirectional manner for the entire Globex session, starting shortly after closing bell Tuesday when Microsoft reported earnings. The selling accelerated overnight however. European markets were weak. The German DAX is currently pricing its 7th biggest down day of the year. At 8:30am U.S. goods trades deficit came out better than expected but did little to stem the wave of selling hitting early markets. As we approach cash open price is hovering above Monday’s low.

Also on the economic calendar today we have crude oil inventories at 10:30am, a 2-year note auction at 11:30am and a 5-year note auction at 1pm.

Yesterday we printed a normal variation up. The day began with a gap up that was quickly resolved during the open two-way auction. A second attempt lower was thwarted right before 10:30am, a few ticks below the Monday closing print. Low of day was in from there. Price was range extension up by mid-morning and after several hours of chop above the daily midpoint buyers ramped into the bell.

Normal variation up. Inside day.

Heading into today my primary expectation is for sellers to gap and go lower, trading down through overnight low 11,390.75 on their way to tagging 11,302 before two way trade ensues.

Hypo 2 half gap fill. Buyers work up to Tuesday low but cannot reclaim the 11,486 level. Choppy action along the lows.

Hypo 3 buyers work a full gap fill up to 11,593 then take out overnight high 11,604 before two way trade ensues.

Levels:

Volume profiles, gaps and measured moves:

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NASDAQ on the up drift, Microsoft after the bell, here is Tuesday trading plan

NASDAQ futures are coming into Tuesday gap up about +50 after an overnight session featuring elevated range and volume. Price drifted higher overnight, drifting up beyond the Monday midpoint. At 8:30am durable goods orders came out inline with expectations, and as we approach cash open price is hovering above the Monday mid.

Also on the economic calendar today we have consumer confidence at 10am followed by a 2-year note auction at 1pm.

Yesterday we printed a double distribution trend down. The day began with a gap down in range, a sizeable one (about -100). Buyers quickly resolved the gap with an open drive up, taking out overnight high, closing the gap and briefly exceeding last Friday’s high before stalling out a few points below 11,700. After a responsive sell reversed the auction sellers quickly became initiative, reversing the open drive and putting us into an early range extension down. The selling continued throughout the morning and lunch, coming to a climatic end around 1:45pm when a sharp excess low formed. We were down in levels unseen since October 6th (three Tuesdays back) when we found the bid—right at the low volume node of the big market profile we built between 10/2 and 10/9. It was all buying from then on, and buyers managed to return price back near the midpoint by end-of-day.

Heading into today my primary expectation is for sellers to work into the overnight inventory and close the gap down to 11,500.50. Sellers continue lower, down through overnight low 11,478.25. Look for buyers down at 11,424.25 and for two way trade to ensue.

Hypo 2 buyers gap-and-go, trading up though overnight high 11,566 and tagging 11,600 before two way trade ensues.

Hypo 3 stronger buyers trade up to 11,700 before two way trade ensues.

Levels:

Volume profiles, gaps and measured moves:

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