Capitulation? Markets not impressed with the nothing burger FED last night. We held up ok in the overnight session (early morning) while the Dow/SP was sold of strongly. But then in our new day, we made up for it.
Slow off the start, (interesting start price too btw for those watching the 24hour price move). But then it was slip-sliding around in thin conditions. Some seriously quick, big moves. Algo's only. Nikkei and US futures were keeping their tricks up their sleeve until the Nikkei cash open, which started a new round of selling. We were already ahead of the curve, but put in another leg down just for good measure.
Found an algo range (with the cash perfect too), and then started buying. Was interesting watching the price at or near the lows. Seemed like it was an algo-battle. Dancing cobras.
Or cats fighting. Low held however, which was expected.
Slowly ranged higher, but a weird afternoon. The mood calmed down, and the Nikkei and US futures pulled back and steadied (lower by 0.25% and 0.9% respectively - say a rough average/median price). We had erratic surges that gold sold into. The passive selling increased out of nowhere into the day close, but then didn't follow through. Thanks my ever trusty indicator...! I expected selling in the PM and fade into the day close, which looked like this? Hard to say I expected that.
Active buying shifted gears at 4pm, when the cash market closed (on the chart directly... (More)