Trader's Daily Notebook: Where'd the Buyers Go?

Wednesday's overnight and early morning buyers were more than happy to ignore the premarket collapse in shares of IBM IBM. The E-Mini S&P 500 futures (Es) opened Wednesday's regular session within a few ticks of Tuesday's intraday high. I wish I could say I understood why the Es futures were so strong ahead of the regular-session open. But I can't. 

Day timeframe buyers did their part, supporting prices above the opening print during the initial 20 minutes of trading. But as traders began auctioning prices above the opening swing highs, and breaking the contract to new multisession highs, bids and buyers evaporated in a hurry. Shortly before 11 a.m. ET, the contract was probing levels beneath its opening print, and aside from a brief backtest of the session's developing volume weighted average price (VWAP), the rest of the auction was dominated by bears. Suffice it to say that whatever positive developments buyers saw during the Globex session didn't last very long. ...329 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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