Performance of Major Indices
Possible market-moving factors (for Aug 20)
- Financials (short covering of financial stocks causing price to go up....*&%^*#*??&%#*??!!)
- Oil (price fluctuated throughout the day, and in fact rose on announcement of a much higher than expected crude inventories! *&%^*#*??&%#*....)
- USD .....*&%^*#*??&%#*....
- Trading volume.....*^...well, never mind.....
Factors that will potentially move the market today:
- OIL (but since it’s behaving like a maniac, and ER2 is behaving like another, I’m going to have to give up keeping track on oil before I go crazy)
- Financials (after short-covering, what now? More selling? More short covering? More bailing out policies?)
- Econ data (yawn...)
- Everything and anything goes. Who gives a damn anyway? JUST TRADE THE CHARTS! Which are, by the way, rather eccentric these days too. Volume’s low – lunch time is the worst – which explains the choppiness. D was saying the other day that if you go long when you really meant to go short, and go short when you really meant to go long, you might just make a killing.....food for thoughts??….
Economic Data to be released today
_______________________________________________________________Russell 2000 (E-Mini)
ER2 today
Price has been down for 4 days in a row now, but both volume and open interest have started to go up. That spells trouble for ER2. For now at least, it looks like it’s going to continue to go south.
From chart below, I see a bullish flag forming, and ER2 is currently trading within the channel that forms the flag. Fib 38.2 retracement level is not too far below, and it’s possible for price to hit it if selling interest continues to rise.
ER2 Daily
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