Wild day in the market, announcement of the Discount Rate sent some panic selling initially during Globex. My thoughts on what happened was it all was a hedge on options position and probably suckered in many bears along the way.Regardless we continued to hold the 1093 volume area again, which triggered short covering. By the time markets opened we were back in value from the previous day.
We had some nice trading opportunities to ride out the short term trend. OPEX friday is usually not the day to take a bunch of trades, trades should be limited to high probability setups only.
At around noon the market hit an important level. The 2x or double the initial balance. This is a profit taking area on a black box level, and called the high of the day to the tick!!
Market closed @ 1106 which is right below the point of control for the day, these bulls are resilient.
High Volume area came in at
1108
Market Stats
IB Range - 6pts
RTH range - 12.25
Full day range - 18.50
Volume - 2,095,859
