Jun 112013


The ES sold off overnight as the media fuels speculation that the Fed may start tapering off QE3 sometime in the near future (i.e. August or September).  In addition, the Japanese central bank left their rates unchanged which the markets did not like.  There were several US economic reports this morning, but they are all non-market movers which don’t mean much against the back drop of central banking policy changes.  Thus as the ES approached it’s cash open, my initial bias was bearish.  The ES had dropped nearly 20 points overnight which put it near it’s average daily range, so I was prepared to try a long from the DTG 21.50 level.  We only have to wait about 10 minutes for that order flow long opportunity to unfold.  It’s always difficult to trade against a strong trend, but this opportunity was in a good place so it was worth a shot…  

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