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10

That bonds, Treasuries, can trade higher in a QE environment must be a concern. Stocks are higher, but in a manner that presages a drop.

Tomorrow is Independence Day, so obviously the markets are closed and there is newsflow, which could mean a bit of a gap open in either direction when the market re-opens for trading on Friday. This really is the issue, nothing from that Fed meeting has actually resolved, everything hangs on…again, no-one is really sure. It could be Fed POMO, it could be China, it could be earnings season, or any one of numerous other issues that is responsible for the market’s doldrums.

Trading chop is frustrating and generally unprofitable. Swing positions tend to fluctuate in/out of profit, depending on whether the direction favours your position, or just gradually building a bigger loss, that has moments of losing less, and you hang on thinking it might just become profitable.

I haven’t noticed too much pain around blogoland yet, but the grumbling has already started, that is except my main man, flippe-floppe, who somehow, is crushing the market with his fantasy positions.

With today’s early market close, stocks struggled. This was not a good close for them. Still being pushed lower by VWAP, or any other EMA, this is not a pattern that bodes well.

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