Trader's Daily Notebook: Another Day Without Direction

Monday's auction provided some tradable rotations for day timeframe scalpers. Those hoping for a more sustained drive to unfold, however, weren't so lucky. For the day, the SPDR S&P 500 Trust (SPY) , iShares Russell 2000 ETF (IWM) and PowerShares QQQ Trust (QQQ) all finished in the black by a few pennies. That said, all ETFs finished the day beneath their session volume weighted average prices (VWAPs), and only the IWM closed above the auction's opening print. In a nutshell, Monday's auction was both inconsequential and a near mirror image of Thursday and Friday's directionless auctions. 

If we review a three-day composite volume profile of the E-Mini S&P 500 futures (Es), we find that approximately 70% of the activity has occurred between 2351.25 and 2357.25, and the value has been established at 2353.25. ...585 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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