WOW, the difference POMO days make! The range today was another blood boiler as GDP and claims came in a bit “better” than expected. Everyone knows GDP numbers are all bullshit and CNBC loves putting positive spin on these indicators. Really gets the retail to buy the bags up shit up at highs of the day so the big money has bids to sell into. makes me sick.
The high today in the SPOOZ was 1153.5… LOW 1133.25. Quite the range i would say, the selling prevailed over the low volume pre market futures ramp. You gotta give the powers to be the credit they really did make this market look GREAT this morning.. Though you now if you have been reading my blurbs you know its BS.
We have broken daily lows, 1131.25. Clearly the business is on the bids. The up moves are on low volume as before, down moves are accelerating volume. The acceleration i am seeing reminds me of the days before 2008 crash. The acceleration comes from traders and market participants getting scared as the down moves continue further, they get panicky and sell more and more..