Close to the Top Look Out Below
I imagine there are quite a few sell orders at the record high. Perhaps though we should imagine what the position of the hedge funds are though. Do they want to drive this up even further? Or are they want to position for a significant reversal? Remember they don't care which way the market goes just as long as they can make some money on it. The crowd is net short according to IG data at DailyFX. In that case, I would expect the institutional investors to be more than willing to buy up these sell orders. However, volume is quite low. Overall, I would not be surprised if we make a run at and beyond these record highs, but clearly the gravy train cannot be sustained forever.
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