Jul 222013


Our hope for volatility today was the 10am EDT Existing Home Sales report.  It missed expectations which tempered the bulls from pushing into new highs.  Volatility dried up after the ES moved up into lunchtime, but the US session range was only 7.5 points. However the ES has been making some late afternoon runs into the close, so it seem logical to position for a long trade that could take advantage.  Around 2pm or so, the ES pulled backing to yesterday’s close of 89.50 which was also the VWAP area and the DTG 68.25.  By 3pm, the institutions finally got interested in buying which signaled a potential move up.  Unfortunately, they could could move price very far.  The ES rotated around yesterday’s close once move before making a small move up into the close making another long day of waiting and not much to show for it… 

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