This constipated market finally let loose today as it went down from the start of the futures open Monday night. When it was all said and done though, it sorta felt good. It was needed.
Now I guess a bounce may happen…but are we done with the pullback. I think not. Another test of the highs could happen, but I think the markets still need to clean out a bit. (yuk! How did I come up with this analogy?)
Greece is still the ugly stool that won’t go away. After three years you would think traders would have had enough of this bass ackwards economy. Risk moves up the line and traders getting edgy again. And when thay are edgy they trade…volume almost double yesterday’s ES contract volume. Mad rush to the exits!