With the Cyprus bailout and new bank tax still brewing, the hope was for a little volatility to continue this morning. We had the Housing Start report pre-market at 8:30am EST, but the numbers did not excite. The ES has moved up to it’s Globex highs and the DTG 49 level into the Housing Start report, but then started a low volatility grind into the cash open. Shortly after the cash open, institutional sellers started taking interest and price unfolded into today’s example trade opportunity. The initial trade reaction was positive however the volatility died and price unfolded into a narrow 3.25 point range. It took nearly an hour before price finally broke down and closed the gap to yesterday’s 1546.75 close.
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