Wow.. 6 straight trades done right......this is fun again!
Nothing new in the world of Momentum Changes.. no direction in the market seems to last long enough to establish a trend... and until this violent and daily change in direction sorts its self out, I have no confidence, indeed, no strategy to identify an expected direction for the market. But I do have confidence that having knowledge of Momentum direction will again be valuable.
The market is responding today to bad news the same way it has for the past several months. Bad News is Good News!
Greece is reported by falling deeper and deeper into chaos and the ECB has no clue what to do about it. That is probably because there is nothing to do except to let it fail.
New jobless claims were reported this morning at 417,000, the 10th consecutive week of job losses over 400,000. Yesterday the Empire Manufacturing index was printed.... and it was not good. This morning the Philly Fed printed -7.7 against expectations of 7, and down from 43 in March. It is the worst number since July, 2009 and the biggest decline in the history of the series. There is a brief deconstruction of the report at Zerohedge here.
The market has been locked in a very tight range for the past 2 1/2 hours.. Zzzzzzz. Guess I will wait until 2:30 and see if it can wake up.
Best to Your Trading!
Bill
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