Market gapped down and attempted a further downside move today but eventually ran out gas. We ended with yet another day of miserable volume. The profile shape/volume distribution was yet again fat and symmetrical -- indicating the down auction has no real conviction.
PVP,
VWAP and closing price all ended relatively close together, singalling a state of 'balance'. Note that we did build lower value for the second consecutive day.
LEH earnings in pre-market tomorrow. Tomorrow is another 'go-with' given the symmetrical profile and lack of volume today. I prefer the short-side still but will likely join in on an initial break higher and monitor for signs of continuation (elongating profile and volume).
ant, are you around? would love your take....