Mar 232010

Pretty quiet volume-wise this morning and as expected, we settled into a rotational pattern. There was not enough conviction for us in the order flow to trade the fade off the OL, so we passed on that one. The news behaved as expected also and did nothing since as we mentioned it is clearly priced in. The snowstorms in February became a leading indicator as everyone expected lackluster numbers for the month ahead of time. We waited for the predicted test of the OH and shorted 64. It was kind of a hunch play as the order flow wastn’t exactoy cut and dried, but it was pretty good. It was stalling on light volume so we had to start bleeding out early. Average exit was 63 for a solid point on the day. I’m sure there will be some good trading opportunities throughout the day for those who are so inclined.

 Posted by at 11:45 am

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