Mar 082013


All eyes were on the 8:30am EST employment numbers.  Non-farm payroll handily beat expectations and unemployment numbers also beat expectations.  It appeared to be a very bullish set of news and the ES initially reacted in a bullish manner.  However, the ES was not able to overtake the news spike high coming into the open.  I was thinking I still wanted to be long but would need to wait for a pullback into support.  Initially it looked like the previous overnight high and R1 pivot area should provide the support needed for a move back up, but the market proved me wrong as it pushed through the area without providing an entry opportunity.  As price worked it’s way through the 42.75 level, I kept waiting for an opportunity to unfold.  Finally price double bottomed offering a long opportunity.  

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