I wouldn't say its a huge gift. But false breakouts are good plays. No buying came in after we broke back below 1076. This is probably good till 1050-1055. Then its hard to say with earnings coming out.
Earnings and US Dollar watch in play. If US Dollar makes new lows then we can get a decent rally going in the ES again (that I will be willing to sell into for a longer term trade as I see commercial side sell response in futures).....we will see.
Don't necessarily agree with your GIFT, but your analysis is spot-on regarding today's action. The goals seems to have been to take it up during the London (overnight) session and then consolidate during the US session.
BTW American Tower is a piece of shit company, its going down the drain someday. I suggest if you own it, dump it. What a terrible stock!
I did receive it AMT, Thanks!. *whispers* look at all that inventory that still hasn't been neutralized.
Thanks to Obama, et al, most Americans won't even bother with TRYING, let alone failing... That's Socialism for you... "There are only two places where socialism will ever work; in Heaven, where it is not needed and in Hell, where it is already in practice." -- Winston Churchill
There is almost no "commercial" SHORT inventory being held at these pricing levels (so who are you going to drive into SHORT covering in futures with equities side BUY programs?) and the indexes have run past the US Dollar move to this point. We have a SHORT inventory vacuum in the ES here at current pricing levels....it will take newly initiated BUYERS to drive the market higher now. There is no big group of held SHORT inventory ABOVE current pricing levels to "run to" in any SHORT covering based rally at this time.....I like this set up.