Trading room session for the New York open, on a tough trading day, Days such as this are often referred to as pump and dump and are the toughest of all. Market price action is volatile with sudden sharp reversals and virutally no development of the trend whether in a faster or slower timeframe. The seasonal aspect is not helping with thin volumes adding to the volatility, and lack of direction, and in addition markets are now waiting for Jackson Hole to kick off. Draghi’s speech today was a non event and with very little news to drive the markets, as with Monday, it was another tough day!