This week the CBOT's Mar07mini-sized Dow made an all time high at 12674, only to see a quick retreat to Friday's close at 12523, 151 points off the high. Click on the link for the Mar07mini-sized to view Friday's volume distribution for the day's trading range. Note that the high volume area is more in the lower band of the trading range. mini-sizedDow link
When in doubt; trade sideways. That is exactly what the grains at the CBOT did last week, maybe with a little bearish tone. Will the lack of conviction in last weeks trade close the monthly gap? Click on your favorite grain contract link to gauge the volume distribution above the monthly gap. Corn link Soybean link Soybean Meal Soybean Oil.
To say that the tone in the CBOT's Mar07 10Yr.Note was bearish is an understatement. The only positive that I can find in this weeks downward move is that the bears weren't trading heavily near the daily, weekly and monthly low of 106065. Click on the Mar0710Yr.Note link to view the light volume areas. Note link.