Traders have an odd psychological relationship with Big Round Numbers. The latest is 2900, which seems to be the magical resistance level for the /ES. Day after day, we lunge toward that level, only to get a (very, very tiny) smack-down. This even happened yesterday, when one of the major US/China trade talk hurdles was rectified, according to Mnuchin.
This morning, there was fresh data about jobless claims and the producer price index, which at the moment is sending bonds lower (and interest rates higher). It’s also hitting gold pretty hard, which makes sense in the context of the price gaps I wrote about in yesterday’s Shake It Up portion regarding precious metals.
For myself – – and many others, since they’ve written me about it – – this market remains terribly exasperating. I am “medium heavy” committed right now with 48 positions, and I’m keeping my fingers crossed that the commencement of earnings season will, for a few weeks at least, give us something tradeable.