The market was very active last week, just like me running around in a dog run.
Looking back at the week from September 16th to September 22nd, the market's tail swung much higher than the previous week.
In particular, at the beginning of the week it hit a record high of 270.60, the highest price in a month...no, it felt like a high-end treat just out of reach for us coffee-loving dogs.
But midway through the week, prices started to fall, like a ball rolling down a slight slope.
The final close at 252.40 for the week was quite a distance from the mid-week highs, which made it seem like I was suddenly leading the charge on a walk in the park.
In particular, at the beginning of the week it hit a record high of 270.60, the highest price in a month...no, it felt like a high-end treat just out of reach for us coffee-loving dogs.
But midway through the week, prices started to fall, like a ball rolling down a slight slope.
The final close at 252.40 for the week was quite a distance from the mid-week highs, which made it seem like I was suddenly leading the charge on a walk in the park.
Looking back over the past month, we have seen many instances of prices rising sharply and then correcting.
I think these adjustments were particularly evident during the week of September 16th to September 22nd.
What was also striking was that trading volume was particularly active on the days when prices reached their highs compared to the previous week.
It's like getting excited about new smells when you walk your dog.
Ultimately, I think that while there was some exploration of new highs this week, it became apparent later in the week that this wouldn't be sustainable, which created a sense of caution among market participants.
I think these adjustments were particularly evident during the week of September 16th to September 22nd.
What was also striking was that trading volume was particularly active on the days when prices reached their highs compared to the previous week.
It's like getting excited about new smells when you walk your dog.
Ultimately, I think that while there was some exploration of new highs this week, it became apparent later in the week that this wouldn't be sustainable, which created a sense of caution among market participants.
Even though I have a keen sense of smell, it is still difficult for me to predict how this caution will affect the market next week, but I will be watching with great interest.
