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Market Wire Update:
Oversold To Overbought In Thirty Minutes
The momentum trends are still mixed, and now, going into the last session of the week, the move from completely oversold near-term momtum reads, to overbought in two 30 minute moves, have left a market that literally could go anywhere, as Maximum Pain, and Fair Value, are sought on August option expiry Friday. Historically trade desks and exchange floors intend to balance the closing of August equity, commodity, interest rate, and currency options by around 11:00 EDT, something that ties in with the European market close.
The majors have broken, after 48 hours lacking momentum, with most now running into the top of this week's channels. The volume is very light, and the moves are coming in quick bursts that for ten weeks have not been able to build, before reversing back to where they just came.