Morning Take $ES_F 11/12/10

We have a gap above at 1162.25 (as of 8:09 am). Overnight low is 1151.75 and the high is 1163.00. The range was extended overnight on decent volume (250K), the opening range of overnight was the high of the day. Above1170.50 or below 1147.25 would be considered a break out.

I do not have a bias either way. Open range will be important. Seems to be holding technicals to the upside (bearish). Be aware of FOMC minutes being released at 2 ET.

News and Speakers

11:45 AM ET Thomas Hoenig Speaks

1:00 PM ET 3-yr

2:00 PM ET FOMC Minutes

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