June 14, 2006
WATCHED markets rarely move
Days like today usually do not give either party what they want, so I would not be surprised to see some chop.
If the sellers show up after lunch, the whole late day margin mess will unravel again.
People have given up on Russia (not me), so it is having a good day. Nobody could care watch that TRF pig anymore and my buys yesterday are being sold right now. I think TRF can see 60 in a few days and if so, my trade is a big win. With the partial sales, I have the option of reloading if we sink this afternoon because of the US close.
I still believe we need a huge down open to clear out the sellers so we can rally for a while.
Do not chase this small move up today. Lot's of headfakes will be coming.
I see that my UPS is breaking down today and that could drop like a stone (talking my position). I am wearing Brown today :)