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28 April 2005

Except for oil which made new 10, 20, and 40 day lows I had the feeling that we were trading in a mixed market yesterday. I was watching the ER2 which established a new value area higher up and towards Tuesday's value area after the EIA announcement and the Market Profile chart showed a clean break-away with single prints. (More on single prints next month as we forward test this idea with the ER2.)

Lack of directional conviction in the index futures can be seen in the Daily Notes by looking at the Trend%, the mixture of NR/WS, the fact that we're trading in the middle of our 10 day range. Compare all of these figures across the board to oil and you will see what I mean.

I wish you a profitable trading day.