- Color on the desk – so far pretty quiet action (its still the Jul 4 holiday for many and attenance/volumes reflect that); not a lot of sellers around (we first started to notice an exhaustion of the selling pressure early Thurs morning when we traded down to 1010 before bouncing); not seeing a lot of "real" long-onlys participating though on the upside; quicker traders are trying to position for a multi-day bounce, but they aren’t willing to chase prices higher. Looking at technicals, the 1040 level, which was such strong support a few wks ago, is now being looked at as strong resistance (we traded up to 1042 this morning but the close will be key).
Tuesday, July 6, 2010
Color on the desk- Fast Traders aren't willing to chase Prices Higher !!!! $SPX
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