Not surprised to see the futures up this morning. Yesterday's close just over 1308 suggested the run may not be finished. I'm not a buyer here, though. I never buy highs. The air is too thin.
I dumped my long SSO position at 1304 and 1307 yesterday. Had a nice run from the 1284 area, now out.
We'll need a pullback first before I consider more longs. But I will be looking. Unless the markets roll over enormously from here, 1340-1350 could be the next zone to watch. I also came across a very interesting Bearish Gartley analysis that put the target at 1329.
China's PBOC just injected 183 bln yuan via reverse repos on Thursday, and Brazil lowered interest rates (to 10.5%, plenty of room for more). I find these coincident moves interesting because I feel these countries are joined at the hip economically.
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