Monday, December 16, 2013

Strange Overnight Price Action

Seemingly a huge stop order got triggered in the overnight session and we were down more than 10 handles at one point, but amazingly, we gapped up big and are running even higher.  These are not normal moves, hard to explain, other than everyone wants to get long ahead of the No Fed Taper rally.  Feels like most are not expecting any taper, and at the same time, expect a rally off that news.  The market has not priced in anything close to a taper in December, so if we don't get tapering, I really don't see a rally lasting at all.

Today is a head scratcher, I think we will be higher tomorrow, so I am just watching and waiting for a buying opportunity which probably won't come today.

No comments: