Plenty of economic numbers this morning in addition to the cloud of the Cyprus bank bailout still hanging low. The pre-market numbers, Durable goods and the Housing Price Index both beat expectations, but the ES reaction was muted though it eventually worked it’s way up. Through the cash open, price climbed into the DTG 54.75 level where the timing was not great with the wildcard of the pending 10am EST economic numbers (new home sales, consumer confidence, and Richmond Fed mfg). The consumer confidence number was done significantly from expectations where the other numbers were basically in line or slightly bearish. Net, net, the news seemed bearish to me. However the bulls kept moving price higher. On the breakout above the previous high of the day, the institutional buyers jumped on, but they were absorbed and became potentially trapped traders and today’s example trade opportunity.
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