Jul 252012

The US markets seemed to be defying gravity this morning.  The UK released dismal GDP numbers, Apple missed their earnings and there was still analyst focus on Greece not meeting their austerity measures.  The markets should have been under pressure, yet they continued to grind up until just before the cash open.  Shortly after the open however, the ES retested its pre-market high and was unable to take it out.  A selloff started price dropped into the DTG 29.75 level as the 10am EST New Home Sales numbers were release.  The numbers did not meet expectations, but instead of moving down on the additional negative news, the ES went into a low volume mode which created today’s example trade opportunity.

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