Possible market-moving factors (for Aug 14)
- Oil
- Financials (investors scooping up what they perceived as bargains)
- Low trading volume (typical summer volume) amplifying price moves
Factors that will potentially move the market today:
- Oil, OIL, OIL!!! (It’s still falling)
- Financials
- Yesterday’s market rebound
- Anything else under the sun that behaves abnormally (for instance, I COULD – if I choose to - think it’s ominous if price of oil were to plunge to $99 a barrel…)
Economic Data to be released today:
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Russell 2000 (E-Mini)
ER2 has been on an uptrend since mid July, and price is now nearing Jun 5’s close of $764.
Open interest has been moderate though…when compared to what was seen before mid July, open interest has definitely been lower throughout the current rally.
This is indicative of a weak market. But weak or not, price is going up, and that’s the fact. So, unless there’s any sign of market topping, I’m going to stay on the side of the bulls.
That said, for someone who’s more comfortable shorting than longing (pun TOTALLY INTENDED!), I’m definitely waiting for volume and open interest to spike,and priceER2 to drop from its top.
And I think it’s going to happen sooner than later (vulnerable market with price crawling and inching its way up…really reminds me of yesterday’s painfully sluggish session).
When that happens, it should send ER2 plunging.
When are the summer vacationers coming home to play??
ER2 Daily and ER2 5min
At 0615 EST
An Article a Day for D: Price Analysis – A Top-Down Approach
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