Yesterday I was fooled by the ferocity in the decline and today I'm disappointed by the lack of ferocity in the push higher at the end of the day. I actually thought that we could get a little short squeeze going into the bell but it failed to materialize and instead the late day fade came on again. We did get that push I was looking for though and I actually held a small index long into the bell but it's feeble so far. With this sort of market you can't get too excited by the possibility but instead the actuality. If we can't get anything going tomorrow I doubt I'll stick around for very long on the long side. Despite all this caution, I actually did like what I saw today and I think there's more than an even chance that we will catch a little bounce here if nothing more.
We had a good day overall with the FNX but were disappointed with the broader metals group. They need to find their footing fairly soon or we have to seriously consider what we are doing with them.
See you tomorrow.
We had a good day overall with the FNX but were disappointed with the broader metals group. They need to find their footing fairly soon or we have to seriously consider what we are doing with them.
See you tomorrow.
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