Aug 012013


Plenty of US economic data out this morning to give the markets a reason to move: Jobless Claims, PMI Mfg Index, the ISM Mfg Index, and Construction Spending.  More importantly, Draghi of the ECB had a press conference starting at 8:30am EDT where changed policy statements could send the world markets either way.  The ES opened well positioned to push to new all-time highs.  I posted in chat in my morning commentary that I wanted to be long above 95.50.  The preferable place would have been a pullback into the DTG 93.75 level, but the bulls were too strong this morning, so the pullbacks were shallow and the institutions were buying.  There were a couple long opportunities to get in on the day’s uptrend which eventually made it to 1673.75.

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