[WiseWill]

Hey Chuck, great question, it sort of illuded me for years but was also a niggling thing going on at the back of my mind. Basically, its the bank traders that drive the market (they trade the most volume, way more than retail traders which really don’t make a difference on the chart you are looking at). However, it’s not random and it is really just the bank traders interpretation of things like fundamental data, like interest rate differentials and economic data, and geo political issues. The Risk On Risk Off scenario demonstrates tthis point pretty well.