We had a lot of economic reports this morning including jobless claims, GDP, existing home sales, Philly Fed, and consumer confidence. The net was positive, but the US stock markets became paralyzed by the fiscal cliff negotiations with first Boehner hitting the ball into Obama’s court saying we did our part, now you do yours. And then Reid saying that Boehner and the Republicans have wasted a week of negotiation time with their Plan B. There will be a vote this evening on Plan B which Obama has vowed to veto. It will be interesting to see the Globex session reaction.
The ES did finally had enough of the churning inside it’s 7 point range and broke to the upside in early afternoon. I did not see a good order flow entry opportunity today. I even double checked and re-walked through the day. We had 3 DTG levels touched but no good patterns. No example trade today.
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