Nice big gap up today on the heels of two days of low confidence selling.
But the responsive sellers didn't take long to show their hand and the trade of the day set up as price pulled back to the morning session lows. It was a very clear breakdown set up and paid nice points.
On tap for tomorrow -- I'm skeptical about the sellers again here. I think the selling was too fast today indicating panicking sellers versus methodical institutional dumping. And it caught my eye that the lower the day was 2001. The big whole number reference should not even have been an issue if real sellers were in control.
I'm not saying that this market could be in trouble, I just think that the two-way auction process will show its hand again higher tomorrow.
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