This morning was full of economic reports providing the potential for some morning volatility. The initial employment cost index and personal spending reports were basically inline with expectations and did not create much activity. However the Chicago PMI and Consumer Confidence reports both beat expectations. In these times of expecting more central bank stimulus, it’s always unclear how the markets will react to the ‘good’ economic reports. The ES was selling off into the Consumer Confidence report and continued into the DTG 75.75 level setting up today’s example trade.
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