Hey Mr. Market, WAKE UP!!
Not much to say on a day like this. Ok, it’s a minor Holiday in the U.S., and I’m sure Chalky Soetero has got a few pals over to play B-Ball on a day that honors U.S. Presidents.
But a $7 and change range over 18 hours classifies as cruel and unusual punishment. When you get action like this, you just have to walk away. Whatever pennies / oz. you make by luck pales to the dollar / oz. losses that come on the other side. And the rub is you can’t make it back.
The algorithm and its attendant signals don’t mean anything when you get volatility so low that the spread represents 5% of the days range.
Have a good day everyone.