Today was a FOMC announcement day which generally offers high volatility around the 2:15pm EST announcement. The best hope for a trade this morning was the 10am EST reports: the ISM Manufacturing Index and Construction Spending. Both came in under expectations but failed to create enough directional movement to catch a morning trade and the markets went into a Fed wait mode. After the Fed announcement, volatility stayed high for about 30 mintues. Price setup for a continuation opportunity into the DTG 70.25 level which is today’s example trade. I have to admit that after watching the high volatility for over 30 minutes, I watched this opportunity unfold but could not bring myself to execute a trade.
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