Ugly chop action last night with high% longs at prior late day support (high 80's).  Expect continued range type trades. Look for fake outs to punish emotional retail traders!

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Tricky stuff today with the only high hand really being that tail above 7.5 in the 10 o'clock hour. Didn't have an offer working so I couldn't get short. Really all day I was fighting the tape trying to find wholesale short entries. Unfortunately the volatility was virtually non existent and any high % entry was extremely difficult. Daily cup still seems to be in play, as traders trapped below the early 92.5 resistance were grinded out today. With the upcoming FOMC announcement tomorrow, clearly the participation was very low. Just want to note that today the 3lb was extremely laggard. This supports my early bias that anyone trying to run the market will get stuck.