If it can't bust through 93.25, that will be a real statement, especially given the amount of buying pressure that's materialized over the past hour or so ... But we'll see. [EDIT: FWIW, 1291.25 is, arguably, of greater significance at the moment. That is, IMHO, the line in the sand.]
You guys really think it's gonna move much before Bernake speaks at 3:45PM? Fading every move is working well til then.
You may be right. Too much time between now and then. One side will get tired of tick-fugging and push it on thru.
3% capital surcharge will decrease lending and market will decline. Bernanke will say that it will stabalize the market/dollar but for us ES traders it will likely result in a dip.
One leg up overnight, than consolidation so far. Odds favor a second leg up, perhaps to 1296 region. Odds based on the fact that after the initial retrace (in this case on 6/2) subsequent retraces are usually two or more legs.