Decent Monday Price Action
Mondays have been seen pretty decent day trading price action over the last few weeks and today was no exception; the market still suffering from the pull back in commodity prices and just maybe this is the start of the pullback that many have been calling for. But as usual we just trade what we see not what we think.
Market opened briefly up and quickly ran out of steam around the 5915 area and quickly sliced through the 5900 barrier and dropped a further 40 points before finding its feet at the 5860 level which was a recent low that had held before so there was good money to be made in the morning session, over the lunch period the market drifted higher as it tends to reverse slightly during this time.
New York came and they really don’t like market movements while they are closed and quickly reversed the mornings drop and ran it all the way back up to 5935, before drifting back down
A reasonable trading day to be had today, with little certainty as to if we have seen the market lows or not but we shall see
Mike
