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We are steadily building value since the pit open above yesterday's vpoc, and since inventories are trading above yesterday's VAH. Value is clearly up. Even though I feel a drop may need to happen to shake out weak longs, so far objectively, IMO, value is building to the upside. Also, trading above VWAP entire day, and well above weekly VWAP. add: further, we are trading above yesterday's pit high, and the settlement.
The quote above is just my opinion--but it really doesn't matter, hey, who knows why these things happen, but the fact is that buyers have dominated all week long. This is a strong market. Today CME will probably report officially 320K contracts or so by the close, and we have a 160 tick range down bar for the day (if it does not surpass the high or low). In Wyckoff's words, 'lots of effort, very little result.' In my book this is very bullish. We settled above 89, and are well above the weekly VWAP. Four times sellers tried to break below the daily pivot and yesterday's vwap (both value), and all four times failed. If I were position trading, I would feel long still until we get down below the 87.00 area.
Not a prob ian, I keep the thread alive. I welcome people who will criticize my analysis, neither good or bad. But will definitely learn from their comments. =)
