There was no economic news scheduled for this morning which has been bullish sign over the last couple of months. IBM was expected to weigh on the DOW and there were a few corporate earnings of note from GE, McDonalds, and Honeywell. I personally found myself riveted to the news coverage of the Boston Marathon bombing suspect brother’s story and the midnight gun fight with explosives and subsequent escape of the younger suspect. It seemed the drama would soon have a resolution, but as I write, the younger suspect is still at large.
The cash market opened and the ES dropped into the DTG 37.25 level where it bottomed and changed directions to the up. There were a couple potential mouse traps to play off the level, but I found myself hoping for one move retest of the level bottom which didn’t happen. The ES then went straight to the DTG 42 level where it consolidated for over an hour. The first clear short order flow opportunity occurred about an hour in which by that time (as I posted in earlier chat), any trade would be a coin flip and I felt the ES would move up rather than down. The ES finally did break up to the DTG 47.50 level where several short order flow opportunities unfolded.
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