Mar 072013

I came into this morning with expectations of some decent price movement.  We had several economic reports pre-market and Draghi of the ECB held a press conference.  The numbers came in mixed and Draghi failed to inspire the bulls.  Thus as the cash session opened, I thought shorting from the highs would be appropriate if the buyers could not send the ES through the 1545 high.  Several short opportunities unfolded as the ES worked the DTG 43.50 level, but unfortunately the ES spent all day in a 4.75 point range.  It was a horrible day waiting on the ES to break out of the rising consolidation.  Shortly before lunch, the ES did break the day’s highs for a 3 tick stop run and I though now the sellers would try to take price down, but they had to break the day’s uptrend.  The ES did finally break it’s uptrend in mid-afternoon, but was only able to take out the low of the day by 1 tick but no far enough for a decent target. The market proved my morning expectations wrong and price spent all day going nowhere.   No example trade chart today.

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