Jul 252013


This morning we had Durable Goods and Jobless Claims to give traders reasons to move the markets.  Additionally, Dow Chemical, Raytheon, International Paper, Biogen, and Hershey all beat estimates with earnings releases around 7am EDT.  It was a good bet for some volatility and the ES didn’t disappoint by making several 7+ point swings.  The ES had moved down overnight and was working it’s way higher into the 9:30am EDT cash open.  It got stuck in the DTG 72.25 level and finally broke to above the DTG 86 level where it double topped and then tumbled all the way back down to where it started.  Unfortunately, the institutions didn’t get on board until what I thought was too late; but price dropped further than I expected.  No clear opportunity for me from the DTG 86 level.  The ES however head faked at the bottom of the DTG 72.25 level, trapping sellers while slowly pushing upward.  Again, the institutional buyers didn’t come in until higher than I would like, but the opportunity was in a good place for a morning trend continuation…

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