Aug 192013


There was no economic data to provide some direction guidance today.  Over the last few months, this meant the bulls would take control and grind the markets higher.    The Asian and European sessions did nothing to provide a sense of direction.  However, last week was the worst week all year so the bias coming into the morning was negative.  As I posted in chat, either the bears were going to take control below the overnight low or it would most likely be a low volatility day.  Surprisingly, the bulls took the market up early.  I was expecting a stop run below the overnight low and recognized the first order flow opportunity int the DTG 50.25 level and today’s example trade.  However, as I posted in chat, if price pulled back to yesterday’s close; I would look for a buy opportunity.  The fact that price could not get through the overnight low and had climbed through yesterday’s close was a bullish sign.  Price did pullback to 51 and institutional buyers came in at 52.  Better late than never…

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