Monday and we are back to the old ramp in thin liquidity trick. Bit obvious, but when it’s the buyside no one protests.
Funny that, yet they’ll demonise short sellers.
Anyway, we started weaker, and recovered as the cash opened, and there was a bit of positive movement from the US and Nikkei. That slowly but surely increased, and dragged us higher. You could hear the objections from the fundamentals traders but no one was listening.
A few small pullbacks as the Nikkei jostled around, but it was going higher, and come 11am takeoff it did. Moved higher strongly, and the US futures were forced to follow. Both up strongly by 11:15am. Oddly, some slight Yen weakness, and gold and silver were higher, silver by 1 percent. BTC obviously was strong (most from the weekend).
We hit a level and couldn’t find another gear, so relaxed down. Settled to ranging at those highs for the rest of the day. Active selling, which was also joined by passive selling. Yet that changed mid afternoon as buyers must have seen the Nikkei hit an all time high and think why not.
The Nikkei was up 1.3percent, US futures up 0.3 percent. We sold off into the 4pm close, then more strongly into the 4:10pm final cash close as expected.
Even tweeted away some obvious binaries for that expiry. Free trades free money on the money.
Charts are better to see the day. Passive is a bit wonky as it cuts off the... (More)