Our Bounce?

As you know yesterday 3C was signaling a bounce, I went in to some detail in several posts yesterday why we should see such a bounce and then 3C confirmed it. Overnight ES held up, the catalyst may be called "AA Beats" or "Italy sells Treasuries", but the accumulation for the bounce was in place before wither of those events, however financial media always want to give you a reason why. I hope at least this one time, you know what the real reason is as we saw it develop yesterday with our own eyes BEFORE AA beat and BEFORE Italy's auction, and thus you now know who controls the market in the near term and we'll be using the market for the same reasons they'll be using the market.

Here's ES overnight and in to the open...

The one interesting thing on this chart is the persistent 3C negative divergence, it just keeps moving lower and will do so in to the bounce, we have witnessed this on the last two bounces in the market, this should tell you what smart money is doing in to higher prices.