Trader's Daily Notebook: All-Time High? Big Deal

As happy as higher timeframe bulls may have been to see the E-Mini S&P 500 futures (Es) close at an all-time high, it's bloody difficult for the rest of us to get excited about an all-time high that arrives on crummy volume and within the context of a three-handle value area. As far as Monday's regular-session Es auction figures are concerned, approximately 875,000 contracts changed hands over a 10-handle intraday range. However, it's worth noting nearly 70% of the session's business was conducted between 2398 and 2401 (the value area). Put another way, the actively traded range was abysmal. 

To the active trader, reading about low volume figures or narrow trading ranges isn't groundbreaking stuff. Most of us have long since become accustomed to, and accepted the reality of, a slower pace of business. But ignoring the figures beneath the surface continues to be a bit of a challenge. ...389 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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