Spoo’s broke out to the upside in Asia in a classic Mutual Fund Monday trade.
European debt ripped to resistance.
The game is still an also driven debt game and has been for months.
Bond Futures up = risk on, Dollar down and Metals up.
Nothing has changed!!!
Does this latest rally have legs? Unknown.
It’s all about the mid-week shuffle!
I’ll focus on the Pit Spoo and European debt to see if there is more room.
I spent a lot of time this afternoon going over today’s price action.
This is typical qtly action and has been for decades!
You’ll see it again going into the New Year.
You get 4 chances at this trade a year.
Pre opening I was looking for Spoo to trade into 3652-64.
It was a good target and exit level the first time up, however it never backed off the level showing those looking at a Point & Figure or Hourly chart that there was more room to go.
I have no preconceived notion as to the next wiggle.