Europe continues to weigh on stocks during the Globex session. The Cypus bank bailout is still making news and Italy’s lack of government is coming back into focus. The ES erased all it’s gains from yesterday and was flirting with the S1 pivot in the DTG 47.75 level about an hour before the cash open. A nice looking long opportunity unfolded pre-market, but it could only unfold a couple of ES points before the open volatility kicked in. The ES started selling off after the cash open, but price movement was a little slow while waiting on the 10am EST Home Sales number which came in not as bad as expected. A long order flow opportunity unfolded shortly thereafter and is today’s example trade.
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