Morning Optimism

"I love the smell of napalm in the morning."
--Lt Col Bill Kilgore (Apocalypse Now)

Once again, the tenor of the tape seems to be changing. To be sure, we have had false signals before and this may be another--particularly with the FOMC announcement out this pm which has been good for a few stick saves during this bull run.

Recently, however, green morning futes have been sold when the bell rings. This takes bites out of bullish optimism, and leaves traders lugging inventory bought higher. If this happens enough times then optimists become pessimists and buying turns to selling.

Once again we had a gap higher out of the gate. Keep half an eye on it.

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