Mar 202013


Between the uncertainty of the Cyprus bailout situation and the FOMC announcement and follow on Bernanke press conference, it was hard to know what to expect of today.  The Cyprus uncertainty aside, I did expect the stock markets to go into ‘Fed wait mode’ until the announcement.  Thus any trade would need to be early in the cash session while there was (hopefully) enough volatility for some movement.  A short opportunity unfolded soon after the cash open near the back edge of the DTG 49 level.  Priced moved pretty well initially, but then the Fed wait mode kicked in and Cyprus never really provided enough volatility to send the ES down to a lower level.  The example trade opportunity was only good for small targets.

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