Where have we seen this before?
It’s Friday and markets love to rally. I don’t know why; the big funds just like to buy on Fridays. Maybe the big boys know rate cuts are coming in 2024 and maybe even 3.
I waited until 10 a.m. for the econ data drop. ISM PMI and UMich consumer sentiment came in weaker than expected but the market initially shot up and then retraced going past the 50 EMA before quickly being bought up by traders. Here, keeping the inflation data from yesterday in mind and it being Friday I quickly went long thinking maybe we were going to rise for a bit. Once price went past ONH – overnight high, I removed my profit targets and let price ride until I closed it out before the end, for a gain of R3.5 or so for the day.