The markets went, well nowhere today.
If you only looked at the day’s close then you rightly saw that the indices didn’t move much, however, this belied the fact that it was a very odd day that saw all the indices including the VXXB, oil, gold, bonds, Asia trading in the red at various points in the trading day.
VXXB gapped down in the morning and grinded lower for the first 2 hours in a staccato fashion just to pop up, retrace the downside move, and stop everyone out in 15 mins. It was that kind of day.
DIA was notably weak but buyers stepped up when they needed to defend the inside week to the tick before coming in with volume and closing the day right back where it started.
Going into Friday’s session TLT and DIA are both inside week so pay attention to those inside conditions.
The trend is still up – let’s see how the market responds to earnings from JPM and WFC in the pre-market.