Jan 282013
 

trade_130126

The markets were looking pretty bullish this morning after Caterpillar’s good earnings and and very strong Durable Goods numbers.  The ES touched the psychological 1500 price before the cash open.  I was anticipating another test and most likely a move beyond 1500.  The S&P500 cash was already above 1500, poised to move higher at the open.  Well, the cash opened and the ES acted differently than I expected.  There was a weak attempt to move back up towards 1500, but the institutional sellers were strong and after about 15 minutes, the buyers still could not move price up.  I didn’t get the price action I was expecting and was hoping for, but I cannot ignore the short trade opportunity.

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