Snippets: We can and do lead you to the watering hole and we will … as we raise our mugs to all the fathers out there – Happy Father’s Day – grillin and chillin. Being the top dog does not happen overnight – it is respect that has to be earned. Topping is a process and happens over time … generally a top is not due to an event. A shout-out to another day of lower highs and lower lows as we head into a well-deserved weekend.
Derrick – please report any bear sightings folks to the park ranger! Watch how they run http://bit.ly/1lhpZd5
Today started with 225k ESU traded on Globex, trading range was 1919.00 – 1926.75. Yesterday’s regular trading hours (RTH’s), pit session trading range was 1917.80 – 1934.50 before settling at 1923.50, down 13.5 handles. Wholesale prices in the U.S. unexpectedly fell in May, suggesting demand isn’t robust enough to push inflation closer to the Federal Reserve’s target. The 0.2 percent decrease in the producer price index compared with the median estimate in a Bloomberg survey of 71 economists that called for a 0.1 percent gain. Over the past 12 months, costs climbed 2 percent, figures from the Labor Department showed today – Bloomberg http://bit.ly/1scoiaF
Today’s RTH’s, SPU pit session, gapped 2.5 handles higher to 1925.20 – 1926.00 Chicagostock (08:41) Weak open, market fails to push through overnight highs / intraday pivots – retest of Thurs lows catches 7 handle bounce, and cash open rejects rally – 1921 support off the LOD – 1935 is the swing short #. Derrick please call those rangers – multiple bear sightings – park ranger – please … Oh no, wait … Overnight retest of Thurs lows provided low-risk opportunity for long setup, failing into 1927. Cash open tests this overnight high, falling short by .50.
FrogMan (08:55) 81.2 Consumer Confidence vs 83 expected – prior 81.9 Chance_Stroot (08:56) [IWM] getting hit (09:02) breaks yday’s lows. william_blount (09:02) daily pivot rejection — trending move targets 12.5 to 15.5 BEARS NEED TO PERFORM–over 24.25 now NEEDED BY THE BULLS. Chicagostock (09:04) ES vol windows 1919×1929.50. william_blount (09:13) “Overhead the market through momma from the train on the 1926/27 handles when the intraday cycle was overwhelmed by news from our President” premarket commentary. Derrick (09:31) insurgents retaking green sector (09:34) ES +10 handles from RTH low and Chicagostocks upper vol window here 192950. At (10:59) the POTUS…we will not be sending U.S. troops back to Iraq as the US will pursue diplomacy – will be monitoring. Thats a relief … C_B (11:03) jihadists are big on diplomacy. No price action to speak off as the sideways chop-fest was in motion. Fest? Did somebody say li’l sumthin about a festival? No…