Jun 042010

Well I guess we called the grind as long as we didn’t trend hard off the open. A “grind” is the understatement of the year. Like watching paint dry. Good thing there were no sharp objects on my desk or I might have considered ending it. A scalper at heart, I have no patience for such conditions. I almost pulled the plug out of boredom but we finally had some institutional interest in selling the 87-88 level after all that time. The funny thing is volume really isn’t all that light. Like I said pre-market the 85 fade may end up being 87-88 if the pivot didn’t hold it down and that is exactly what happened. For a while it was feeling like it was going to break up and run into the low 90s but there is just too much pessimism still I guess. In any event, the big boys finally initiated some selling. There was no trap there so it was more of a gamble, but a pretty sound bet considering institutions had no interest in selling to any degree through all that grind so you kind of had to take notice when they did at the end. If you were playing it safe you came out right at the VWAP and if you were ambitious it went on to put in the whole move down to 83.00 just as on the pre-market sheet…

 Posted by at 11:03 am

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