I wrote last week —The expectation was the decline to occur on either 07/07 or 08. Instead, August fell $.458 (12.2%) on 06/30 and 07/01…closing the gap and trading just through the low of the first targeted support band ($3.300 – $3.350). Well the declines continued to July 9th and promptly met the expectations for the size of the declines (in fact exceeded them). Once the low was set, prices bounced and returned to with in the range for the July contract and now seemingly the August contract. Folks, this market seems to being going nowhere and at a slow pace.
Understanding the frustration of many of you (for volatility– myself included) but my ideas are to highlight what I see the market is trying to accomplish and clue you in advance of the movement– unfortunately this market is showing no movement beyond the range each successive contract trades within. There may be an occasional lapse in Daily diatribes during these periods.
