What I expected to be a slow morning actually had some fairly active price movements. The ES climbed from the cash open straight to the DTG 94.50 level where it fell short of yesterday’s 97 high to wait on the 10am EDT Wholesale Inventories number. The number blew away expectations which many interpret as support QE tapering. After a few minutes of capitulation, a few institutions started selling providing this morning’s example trade opportunity. As I found out later, the trade was helped by a bomb scare at the Eiffel tower.
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