The US stock markets have been in this pattern lately of forming a high or low of the day before breaking out and spending a good part of the day searching for the other side. We came into the cash session with some optimism over the fiscal cliff negotiations as congressional leaders and the President try to hammer something out this week before the Christmas break. Concessions from both Democrats and Republicans are giving the market some hope. The ES was up pre-market and pulled back into the DTG 27.50 and then DTG 23 levels. There was plenty of room back to the Globex highs and given the potential optimism, I was looking for a long trade. I didn’t have to wait long as a long opportunity setup within 15 minutes after the cash open. Turns out the entry was a little early, but with help by some Boehner fiscal cliff comments, the buyers took control.
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