Coming into this morning, it was tough to know what to expect. Would the stock markets continue their trek upward to new highs, would they take a rest after yesterday, or would the retest the highs before attempting a sell off? We had several economic reports today for the bulls to find something to get excited about. The 8:15am EST ADP employment report came in strong, but the bulls could only take the ES to 2 ticks above the Globex highs on the news. Into the cash open, the ES attempted again to reach and take out the highs but failed to reach the new Globex high. Institutional sellers came in and our example short trade opportunity unfolded. It was good to catch the early short because the 10am Factory Orders report did not excite the market and it drifted into a low volatility mode and was only able to create a 7.5 pt range. As a late winter snow storm is pounding the NE, the afternoon Fed Beige Book release also failed to provide anything to move the markets.
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