Markets Forge New Highs Remaining Flat And Lackluster
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January 22, 2013 - 4:30pm
Closing Market Commentary For 01-22-2013
The markets melted higher, once again, stretching the market's 'rubber band' one twist closer to its snapping point. Today the averages continue to creep into the upper resistance like an invasive species conquers forbidden foliage. The HFT computers are most likely the culprits in this insidious melting up as no investor in their right mind would be playing this game. Eventually we will learn the details.
The markets closed tacking on new highs after a continuing melting up during the afternoon session. Some late session profit taking, but again I suspect this is all about algo computer trading. Actually everything is relatively quiet with the boogie-man hiding just around the corner ready to scare the sanity out of you – be aware and alert.
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