Performance of Major Indices
Econ Data To Be Released Today
ER2
ER2 is still on an uptrend, and I don't see how that's going to change if price doesn't fall to a lower low. That said, it's now nowhere near the high it made yesterday either.I see some selling (probably profit taking) and then some buying...Buying might continue into the trading session (the active one I mean, from 930 to 4), and if price doesn't reach yesterday's high, then we could have another choppy session with people unloading what they have; and new sellers coming in for a ride down, then profit take quickly to avoid being trapped in a market that doesn't continue to go down.
It would be great if today's a seller's market. But after seeing what happened in the previous sessions, I doubt there're enough sellers with conviction to push price down to a level that screams "BEAR MARKET".
I would be equally happy if bulls will just come in and drive price through the roof.
The lack of decisiveness and COURAGE in the market is frustrating. A line that tells me vaguely what trend I'm in is simply not enough. We are in a situation where most are clueless (yes, that includes me) at every point as to whether a pattern is the real stuff or a fake, and if we are still in the trend that we thought we were in.
Open interest for ER2 has remained fairly flat (went down marginally yesterday in fact) although price and volume have gone up a little. So, I see that people are liquidating their contracts, but I don't know what to make out of that anymore.
Am staying out of the market to maintain my sanity.
I'd rather re-read "Reminiscences of a Stock Operator" and give Al and Keisha some loving attention and massages.
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