Slow and steady day, with no real divergence across the flows, so it is just filling orders today. Apparently our partner in crime is on holidays (Japan) - their futures are moving around a bit, and the Yen is flexing again, so ? Topping.
After last nights solid rally (the overnight for the SPI repeating the day's move - interesting - and likely we lagged this move), we started higher yet were never in the mood to take on more risk. The futures adjusted down to the cash, and then the cash took some profits which kept the negative momentum going. The low an algo level, and a tricky one to pick. A feel again, on speed and some active buying. It isn't clean, but its a bit more than a Montgomery level !
I liked that interview - Milton Berg and Jack. To be honest, it was hard work as they both seem to speak at shorthand speed +, amped on more than coffee futures. Anyway, that might be a NY thing? Don't know but it made it tricky for me to focus (I am watching the markets too) - and it was an interesting topic. I would need more detail to get a good feel for it (I get the moon phases are important, yet there are times he will update his calls and that's fine - just the details are hard to get at warp speed). I understand too it is secret sauce - in general I like it as it is original, has a positive context (rationale - sentiment), and seems to work. Plus I am similar (some mystery work and it doesn't have to make sense - plus calling turning points during a day session). He seems to have heaps of street smarts too (his comments on BTC for one) and is humble. So someone I would listen to. Like I said, would like to understand it better to comment more. I like how he seemed very interactive in the comments of the video. His generation are a good sort !
Jack was back to back too with great interviews. Good work man. Jim Bianco was good. I like him as he is no nonsense, and he offers some solid insights. For me as a day trader, it is easy to just leave them on the shelf - yet they are important topics. I always need a context and so try and keep a good feel for macro.
Active selling into the rally.
Detour - back to the markets. Not a lot to go on today. The charts are here - there is a bit of selling here, but fading. Still the probs are for a fall, yet a bounce back to a range. The Nikkei futures were about 0.3% positive all day, US futures a touch red and staying there (like 20pts Dow). Hong Kong the stand out, with a strong rally over 1%. It has been moving around a bit lately.
Currencies were weaker early - the $AUD lower and so was the AUDJPY. They fell a bit more, yet at the time of writing (2pm) have come back to be flat. So nothing is standing out at the moment. The USDJPY weaker actually, so there is a bit of Yen strength, and a bit of USD weakness (yep - seems to be a touch of both as the driver). Again, I am going on faint signals. Gold and silver weakening too across the day. Crude taking some profits from last night's rally.
BTC my friend. Seems like the BWord - was that its name - helped bring it back to a technical sell region, which kept a lid on it. That must be disheartening.... That is one of the reason I mocked it a bit (sorry - I am very positive BTC as a concept, yet it is no sacred cow to me, especially talking price) yesterday - these self-appointed experts are less helpful and a bit of an insult, especially for a decentralised tech that was going fine without them. If I was a OG in the BTC field I would probably better qualified to say that, yet I can imagine they would not be impressed. The Muskcat especially. Even JD - ulterior motive. Aarky too. So anyway, it is left to its own devices again, and is holding the line around $32,000.
I was going to mention something yesterday that was mentioned. By Jim B. Toyota pulled out of sponsoring the Olympics. Ouch. Interesting.
Anyway, this has slowed to a snooze. Again, med risk short for 15 say.
I notice too HHendry has gone silent after the talk about tokenising himself. This is something I think will make things tricky - everyone will have a price, even friends. For example - it is like going to a bar, chatting with mates, paying for a drink - but you don't pay your mates to chat with them (or strangers). When people are tokenised, you will have to pay for your drinks (eg Real Vision membership) AND pay to chat with your mates.
Passive into close.
The fall was less than expected, then came the bounce. Passive buying in the last 10mins, keeping it strong (set a cash high into the close). Often a topping (short term). Algo level for the afternoon. Futures volume good, cash less than average. Lynas rare earths 9% gain! Large lot sizes today, so despite a slow day, it was not trivial.
Similar external markets to before. The USD and Yen fading a touch ($AUD benefiting), the BTC also off a little but nothing. FTSE starting weaker than the DAX. Nikkei flopped to zero, so a slight fade to the indices for the flow into the US open. ECB I believe tonight.