Friday, July 30, 2010

Front Running Momentum

The bots have gone bananas again front running buyers and piling in betting on a trend day off a gap down reversal.  I am willing to bet that they will puke out their buys at the close.  The Chicago PMI and the UMich consumer sentiment numbers are providing the catalyst.  The GDP is backward looking so it is hard to understand all the selling off that number. 

I think we'll be drifting nowhere for the next few hours followed by some weakness at the close.

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