Jul 242013
 

trade_130724

With a couple of economic data reports for traders to focus on this morning, I was hopeful we would get some price movement today.  Apple had beat expectations and the ES was positioned to make new all-time highs as the cash market opened.  I was fooled because I was looking for the new highs and the ES sold off; through the DTG 91.75 and 85.25 levels.  The new home sales blew away expectations for the highest reading since May 2008.  After a quick upward bounce, the market started heading back down giving the S1 pivot @ 84.50 some respect and then the DTG 82 level where today’s example trade opportunity unfolded…

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