Tuesday, August 11, 2009

Morning Briefing for August11th

Note the very low volume yesterday, as we failed to sustain new price highs and retreated to the multi-day trading range. Awaiting tomorrow's Fed announcement, we may see continued low volume and range bound activity. We've retreated toward the range midpoint in pre-opening ES trade, with the NQ continuing to show relative weakness. I will be watching to see how we trade as we approach yesterday's low to gauge the likelihood of traversing the multi-day range. I expect to see volume and volatility tail off as the day progresses, with traders waiting out the announcement.