Apparently today was July’s biggest POMO auction and I wasn’t exactly surprised to see a low participation bounce here off the pre-NYSE lows. However when it comes to free Fed cash pumping days there increasingly appears to be a diminishing reward/input ratio. Really, $5 Billion and this is the best they could do? I’m not impressed…
As we’re going to finish today in limbo let’s however remind everyone what’s at stake on Friday and most likely going into next week. The two inflection points until Tuesday night are the Net-Line Buy Level (NLBL) at 1614.25 and the Net-Line Sell Level (NLSL) at 1594.75 – the 19.5 handles in between should be considered no-man’s land – little edge unless you play the swings. That’s all there is to it – no further thinking involved.
Since most of you cats are bridging into Monday all that’s left is for me to wish you all an enjoyable and relaxing 4th of July weekend.
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