ES Journal Archive (2006 - 2008)

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Light volume in Thanksgiving week is normal. I don't know about trading range but i am seeing this develop over the last two weeks or so. Under light to very light volume there appears to be an upward bias in the markets whereas under heavier to heavy volume that bias is not necessarily there, and there seems to be some down pressure, or i should say less upward bias, appearing when the volume picks up. There also seems to be more churning near the tops and the making of new highs on lighter volume than before. All this seems, to me, indicative of a market that is getting a little tired. As long as these signs remain i will be cautious about entering new long positions other than for the day. I am not suggesting that the bull is near death, far from it. Just a little low on red cell count. Anyone else seeing this, or am i dreaming?
 
I'm awake this evening as I watch for a 1408 test basis Dec. I've already had a nice night based on trades taken earlier in FX Futures, so it's been enjoyable tonight .
 
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