Sep 122013


We had Jobless Claims and Import Prices for traders to focus on this morning as the Syrian drama continues to get drawn out.  Claims blew away expectations but then it turned out that some states were not able to report which made the number low.  It’s a little surprising an incomplete number would be released…  Anyways, the market didn’t know how to react so it just continued it’s overnight consolidation into the cash open.  This morning was contract rollover for the ES when the December contract becomes the forward month.  Each rollover causes discrepancies in our charts as we continue to trade the Sep contract while the Dec contract builds volume over the next few days.  I bring this up because today’s only order flow opportunity happened a few minutes after the cash open while I was still dealing contract rollover issues.  I totally missed the trade and only saw it as I was reviewing the footprint charts for the day.  I was not going to post an example trade today since I did not see any unfold, but the one I missed gave me something to post…

Update: mystery solved as to why I did not see this trade opportunity in real-time; it did not exist on the September ES contract.  An astute member pointed out to me that the chart posted today was based on a continuous ES contract (IQFeed: @ES# in MarketDelta) which always includes the front month and back-adjusted historical contract prices.  So because we are still trading the September ES contract, there were no order flow trade opportunities today.  However if one was trading the ES December contract, the example trade was available.


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