Trader's Daily Notebook: Buyers Can't Seize the Day, or the Gains

Buyers failed to build on Monday's gains during Tuesday's session, with the E-Mini S&P 500 futures (Es) stalling beneath 2346 during the auction's initial 30 minutes of trading, and remaining generally range-bound between 2337 and 2341 for the remainder of the day. Sellers made one attempt to break the contract lower roughly two hours after the open, but lower prices failed to attract additional supply and the contract quickly rebounded back inside the 2337 to 2341 price band. 

As far as the major index ETFs are concerned, overall movement was relatively benign, with the iShares Russell 2000 Index ETF (IWM) finishing essentially flat, while the SPDR S&P 500 Trust (SPY) and PowerShares QQQ Trust (QQQ) both lost between 0.3% and 0.15%. Between Tuesday's 4.7% decline in shares of Goldman Sachs (GS) and the 5.3% beat-down in shares of IBM (IBM) after hours, you'd think sellers are beginning to gain a foothold. Let's hope our overall direction will become a bit clearer as the week, and earnings season, unfolds. ...597 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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