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160613 EoD
We are at the steeper trend line.
We had two days of RTH- selling.
What are practical conclusions from this ?
I would say, if one is in a short from some intraday pattern, it would be ok to hold short overnight.
Betting that the weakness in Asia or Europe continues.
For longer-term long positions this is not enough to close them IMO.
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160614 EoD
RTH was bought again.
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160615 EoD
a trend line break
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160616 EoD
strong RTH buying again,
after weakness in Asia and Europe
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Yes, indeed... What a strange market!!!
Pascal
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160617 EoD
We had some selling rth.
Probably tested the steeper trend line from below.
I don't know how much weight we should give to the daily developments.
IMO key is to spot a change in the general behavior of buying during RTH but selling ON.
This would be a hint that some key players change their behavior for a while.
Pascal identified the NIRP-refugees as a likely dominant group.
I would add pension funds within the US doing something similar to NIRP-refugees: hunting for yield in US equities - or stop doing so for a while.
Aswath Damodaran gives us some equity yield numbers (Implied EquityRiskPremium):
[QUOTE]Implied ERP on June 1, 2016=5.03% (Trailing 12 month, with adjusted payout), 6.12% (Trailing 12 month cash yield); 6.16% (Average CF yield last 10 years); 5.54% (Net cash yield); 4.66% (Normalized Earnings & Payout)[/QUOTE]
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160620 EoD
We had selling RTH.
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160621 EoD
basically unchanged
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160622 EoD
some selling
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160623 EoD
some buying rth
before the strong selling during BREXIT.
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