Jun 122012
Since the Asian and European sessions were quiet overnihg and there was no significant US news scheduled for today, I was expecting a slow day and was beginning to wonder if price could move far enough to reach a level. Around 10am EST, Fitch added some needed volatility by cutting the rating of 18 Spanish banks. The ES sold off until it reached the first DTG level where order flow provided a few entry opportunities which turned out to be the low of the day.
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