We had a barrage of blue-chip earnings this morning with UPS, Colgate-Palmolive, Dow Chemical, MasterCard, Nasdaq, Time Warner, and Viacom. Also on deck was plenty of economic reports: jobless claims, income, and the Chicago PMI. The earnings and reports came in mixed before the Chicago PMI blew away expectations which gave the ES a nice boost straight to 1500 where it bounced. Unfortunately, institutional order flow did not tip off a potential top and I missed shorting the area. Price came down to test yesterday’s close where I took a shot at a long back to the highs, but that trade didn’t work. It was not a DTG level area and I only mention it because I mentioned the potential opportunity in chat. The ES next dropped down towards the Globex lows in the DTG90.75 level where today’s example long opportunity unfolded.
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