Jul 022012
Slim pickins for trades today. The 10am EST ISM Manufacturing report provided most of the action for the morning. The number missed and the markets sold off. The ES dropped through the the DTG 52.50 level by 2 points before giving an indication of a possible bottom. Given the downward, news driven momentum; this was a faster and harder to take trade than on most days. Price relatively quickly retested the low of the day after the intial entry opportunity but despite all the strong selling, could only push price down an additional 3 ticks. Those breakout sellers got trapped.
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