Year-End rebalance has been an arduous process.
Many Funds have been paring back to increase Cash Positions.
The slow bleed has been as Bonds catch the usual closing Bids
on rebalancing.
Diversification matters, given the concentration of 711s - it will
be interesting to see where Cash held at Close ends.
Demand for Corporates is muted, while $95 to $100 Billion
lurches from Equities into the Bond ETF Swamp.
Typically a 1 to 1.5% decline from the Highs can be anticipated
and we have seen this.
________________________________________________________
Into yesterday's NYSE Close and Globex relatively small waves of
Selling produced a small move lower into the lower range, making
a lower low for the TF.
The VIX has 20.60 as the Over / Under, well above.
We had an Hourly Trend Change, we will see IF it was another well
arranged trap or there is further Selling on increased Volumes.
10 MA EST has been the Sell for the majority of the Week, with an
8 day run of muted Distribution, Price has ranged for a New ATH for
the ES to the lower Hourly Range Break.
_________________________________________________________
Should be volatile and interesting.
Many Funds have been paring back to increase Cash Positions.
The slow bleed has been as Bonds catch the usual closing Bids
on rebalancing.
Diversification matters, given the concentration of 711s - it will
be interesting to see where Cash held at Close ends.
Demand for Corporates is muted, while $95 to $100 Billion
lurches from Equities into the Bond ETF Swamp.
Typically a 1 to 1.5% decline from the Highs can be anticipated
and we have seen this.
________________________________________________________
Into yesterday's NYSE Close and Globex relatively small waves of
Selling produced a small move lower into the lower range, making
a lower low for the TF.
The VIX has 20.60 as the Over / Under, well above.
We had an Hourly Trend Change, we will see IF it was another well
arranged trap or there is further Selling on increased Volumes.
10 MA EST has been the Sell for the majority of the Week, with an
8 day run of muted Distribution, Price has ranged for a New ATH for
the ES to the lower Hourly Range Break.
_________________________________________________________
Should be volatile and interesting.