The market was flat today for the third day running. For the pedants, the XJO was up 0.2%. A marginal increase by anybody's language.Now, let's put this into context. Remember what happened on the American market last night. S&P500 up +0.63% and the London FTSE was up 0.8%.
Next, have a look at the volume today. Volume today was nearly 50% above the 10-Day Average. hmmm.
A lot of effort for not much result. There was a lot of buying going on today - and a lot of selling into that buying.
I'll let you guess who was doing the buying and who was selling to them.
Remember - we're at the top of a trend. Who buys at the bottom of a trend? Who sells at the top of a trend?
Quote for the day, "The Stock Market is an exquisite mechanism for transferring wealth from the many to the few." Actually - I just made that up. :)
Not much else to say today.
Good luck
Red
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