May 082013

Another day with no significant news to give the stock markets some volatility and direction.  There was an Oil report at 10:30am EDT, but oil has not been in focus for quite sometime and was not expected to be a market moving number.  Oil inventories did drop much more than expected, but the stock markets shrugged.  The pattern for weeks has been “no news = bullish grinding higher.”  The ES opened in the DTG 18 level where it spent about 30 minutes before making new highs.  Price did not provide any tradable  patterns inside the overnight range before testing the overnight high at 1622.  The hope was for a decent pullback into the DTG 18 level to catch the anticipated bull grind upward.  The pullback did not happen which left jumping on the breakout to new highs as the last resort way to get on board.  Basically any long entry above 1622 this morning would have eventually worked out, there wasn’t a pullback of any significance until lunchtime.  My chat posted high frame was 1627 to 1630 which made a good long target.

I will not be trading the next 2 days and will resume posting post trading analysis next week.

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