Earnings Pick Up Steam. So Do the Geopolitical Headlines

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It didn't take me long to figure out I was wrong about the early direction yesterday.

I know when the ES closes weak it usually rallies on Globex, but when the ES kept going up in the morning and the shorts were getting forced out, you could see how the buyers would push the ES and NQ up and then let it fall after the buy program and then buy it again. Yes, there were a few short opportunities, but the “money trade” was for higher prices.

I have been overdoing the OP and I'm going to try and cut back this week. We all know that there is a tendency to make a low in October, but we also know the real war in Gaza has not started yet.

Separately, remember that earnings are beginning in earnest this week, while we get the September retail sales number this morning.