T-Bond trading comment (jul 13, 2007)

Today was a nice day. Not full of false breaks like yesterday. We started the day on a positive foot and jumped higher on disastrous retail sales....
So it looked like our spell to the downside was finished and we were going to gain back the land we lost during the two preceding days. But after maybe 25 minutes of higher prices, the market started to prepare himself for consumer optimism at 10H00. The UoM got out quite strongly and after puking a bit, we saw the usual post economic news pullback before retreating to pre-opening prices. This little ride was fun since it was very steep with very mild retracement. At 10h47 and 10h59 we formed a nice double bottom and after that we saw a nice bottomig out with the three moving averages crossing at the same time. This is usually a pretty strong signal that the market is going to trend. Afterwards, the volume just started to die out as it always does and so did trade opportunities. In conclusion, this was a fair day with quite nice opportunities.