May 062013

Expectations was for a quiet day with no economic data scheduled after the large run-up Friday.  The only hope for some directional volatility was a early speech by the ECB’s Draghi in Italy.  Nothing market moving came from his speech which made it difficult for the bulls to extend the highs since Friday was probably a little overdone.  “Quiet” became an understatement…  There were no clear order flow opportunities today.  Reasons on smaller time-frames  could have been found to short the DTG 13.25 level, but as you can tell from the chart in the post above, any short from that level was basically a wash as price stayed in a 3 point range the entire afternoon.

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