Quote of the day – “The market always pays you. It will pay you in information, or it will pay you in profit.” Matt Kenah. Use failed trades to help you with the next trades.
Market Outlook – Lots of releases today. At first blush, markets are not enjoying the numbers – Bullish grind in the short holiday week. Pullbacks are likely to be buying zones. Levels to watch – remember the heatmap levels – the red shaded spaces, can be both support or resistance. Trend will tell the tale. The chart to watch is oil. It looks like there is more downside to go.
Since oil is on my mind here – with a physical market so tight and the volume falling in the speculative market of the futures. There looks like bounces are still selling.
Stay Frosty, folks – I will take trades later in the day today. Nothing at the first pass.