Lots of decent reversals today:
– XOP recovered from nearly a 2% loss earlier with the ETF climbing out of that hole & just going green for the day.
– As @schooner mentioned in the trading room, decent reversals in the broad markets.
– Semis once gain tested & bounced off the primary uptrend lines.
– GLD faded 100% & then some of a nice opening gap although the miners (GDX) still green for now.
– The WEAT long trade continues to test the limits of the suggested stop of any close below 6.40, trading below that level intraday on several occasions lately, including today, but getting a stick save into the close each time so far.
Despite all of these impressive intraday swings, it appears to be just noise, i.e.- insignificant from a technical perspective, particularly on the daily time frames. The broad markets are still trading smack in the middle of the recent trading ranges, XOP still testing the top of the support range on the daily chart with the bullish PPO cross close but still pending. WEAT & more importantly $WHEAT still just above key long-term support following the big divergent low & subsequent rally on the weekly time frame. Lots of movement today but I just don’t see any significant developments in the broad markets or the sectors & commodities that I’m closely monitoring. As such, I may cut out early today to knock off some errands. I’ll reply to any questions or comments later today.