Nov 162012
The morning started with a negative bias as the Industrial Production report missed expectations. The strong 1346 level of yesterday was tested for the 5th or 6th time since yesterday and the sellers were finally able to push price through. The ES dropped into the DTG 42.25 level where it found a bottom and turned. Unfortunately, I could not find enough order flow reasons to determine a long entry opportunity. Price turned up to the DTG 49 level. RG had called the possibility of a short from a pull-back into the 49 area. There was potential support below the 49 level, but ultimately price pushed through and the short opportunity played out well.
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