The intraday swings are getting wilder and more gratuitous by the day, as though the neural algorithms that drive exchange trading have been rapidly evolving to think like the headless chickens they are up against. In the panic-driven, rangebound flux that has resulted, prior highs and lows on the intraday charts are the trade desk’s benchmarks of choice, impelling action with all the subtlety of a starter’s pistol.
There are times when it is best to voice no strong opinions, and it would appear that this is one of them. Gurus declaiming boldly from the rooftops have practically vanished from the scene. Only the nimblest of traders are profiting from the swings. How long can this frantic uneventfulness last? Longer than most of us have patience for. That is the nature of the game, and only a stampede toward ebullience or despair can change it.