Fed hangover day… After yesterday’s huge rally, today was a day to consolidate and start working the new all-time high ES prices. With QE tapering off the table, we’re back to the mode of evaluating economic data releases against how we think the Fed with think about tapering. Today we had several key reports with Jobless Claims, Housing Starts, Philly Fed, and leading indicators. Every number beat expectation which support QE tapering which kept the bulls at bay today. The bears started a slow down trend which they were able to continue the entire day. There were 3 potential long trade opportunities, but none were able to break the down trend so none performed very well. Today’s example trade is an order flow long opportunity off the bottom of the DTG 76.25 level.
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