Aug 132010

The European markets are down overnight and the Asian markets closed mixed. After opening down about 14 points yesterday, the ES climbed back to almost break even which it tried to cross and 5 or 6 times. The carry trade has been mixed overnight; not providing much direction for this morning’s market. The Consumer Price Index and Retail Sales numbers both at or near the consensus values, so no real change in trader expectations there. The ES initially looked like it wanted to move down after the report, but at the time of this writing looks like it’s working it’s way back up to yesterday’s 79.25 close. We have Consumer Sentiment at 9:55am EST and Business Inventories at 10:00am EST. A miss in expectations of either could inject some volatility. It’s best to be flat around those times. Yesterday the ES worked the daily volume composite LVN of 1080. The comp HVN is around 1064 below and 1093 above which should provide some strong support and resistance. Barring a move below YL, today should have some good rotations.

 Posted by at 9:05 am

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