Aug 222013


Chinese PMI flash data gave global stock markets a lift overnight.  The ES retraced half it’s late afternoon selloff and was leaning up as the cash markets opened.  The ES did break up into the DTG 48.50 level where it bounced off the R1 pivot and unfolded into a couple short opportunities.  Unfortunately, the bears couldn’t get much traction and price consolidated for about 20 minutes before resuming it’s upward trend.  Thus the day’s initial opportunities did not work out.  The ES next bounced cleanly off the DTG 53.75 level and then unfolded into the second short opportunity.  This time the results were a little better.

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