tothe, here's a brand new chart for you, since i know you love your money flow indicators! :) notice how MFI (7) & (14) both dipped lower on the bounce at .98 than they did at .76? this tells me that final drop was at least to some extent engineered to help block traders accumulate.
throughout today's discussion no one has mentioned all the "ask-stackers" we've seen on level 2 lately. whatever uptrend the bulls have been attempting in a sleepy holiday market, we've consistently got between 3 and 5 MMs parked on the ask, all at the same price, trying to create sellers. yet almost no one is taking the bait. hurray bulls..!
this is all about demand imo, and one of the reasons the volume has been lighter than normal. after all, who wants to sell, especially when we have a bunch of tranparent fear-mongers on the ask? it's a momentary standoff that will eventually give way, so let them chase us when the PRs start hitting. lol
annoying as they may be, these "ask-stackers" are just another bullish clue in the puzzle. it's not too difficult to see the signs of pent up demand out there right now..... jmho.
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