The summer market blues are in full swing… The ES managed only a 6.25 point range in an agonizing low volatility day. There was hope early on that the ISM Non-Manufacturing data out at 10am EDT would give traders some reason to trade, but it was not to be… However, Dallas Fed President Richard Fisher had a lunchtime speech were he made comments about tapering starting this fall and then later said tapering is being targeted for September. These comments got the bears excited for a short time, but they didn’t move the ES too far from it’s all-time highs. The ES opened by moving down into the DTG 1700 area where it waited on the ISM report which beat expectations. Slowly over the next 90 minutes, the ES retested it’s all-time highs at 1705 before unfolding into a short order flow opportunity and today’s example trade.
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