Intraday market update - new highs

No big surprises in the pre-market economic data coming out, but most numbers were rather disappointing, including retail sales. Still, futures reacted rather positively.

After a small gap up at the open, lot's of volatility entered the market in the first hours, mainly due to news from the Eurozone. News about Austria rejecting an expansion of the EFSF send the markets lower, further headlines clarified that the vote is only delayed, not rejected, which send the markets back to the highs of the day. Like I already stated yesterday, it's this volatility that makes trading this market extremely difficult. And that's also the reason why I stay mainly in cash for now.

Depicted an hourly chart of the ES-futures, with a new range developing inside the previous. It looks like we're on the verge of breaking resistance. Interesting to see what happens next!

More later on after the close.