The smart and dumb money seemed to be balanced yesterday; it is still not clear which side was which. Deutsche Bank is guessing the sellers were the smart money, pointing out that the market could go down. How do you get a job like that?
The very mild weakness CO is not unusual for xCF lately.
The gapping nature of the advance suggests that a retreat to the top of the congestion at about SPY 395 wouldn’t be surprising, but that doesn’t appear imminent.
I’m working on a new SeekingAlpha article.