Aug 062013
 

I wasn’t holding out too much hope today for price movement with only the Trade Balance report and JOLTS Job Openings to give traders something to react to.  There was also a breakfast speech by the Chicago Fed Prez Evans, but nothing market moving came from there.  However, Credit Suisse surprised everyone with their downgrade of the DOW component IBM.  The ES is heavily weighted by the DOW components and felt the downward tailwinds this morning.  The ES crossed 2 levels before finding it’s low of the day.  I kept waiting for an order flow setup all the way down and nothing clean unfolded.  This is not to say I didn’t take a couple trades anticipating an order flow entry which turned into small losers as it became clear the opportunities I was anticipating wouldn’t unfold, but the lack of opportunities leaves me without an example trade today.  I’ve annotated the chart below with my reads as the morning unfolded.  I got pulled away from trading in the early afternoon for a family issue, but walking through the charts it’s clear not much went on as price rotated in the DTG 91 level.

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