For most of the day things were boring. The only thing that stood out to me is
they sold them hard at the end again.
Take a look at this 15 minute
EMini NASDAQ December futures chart below from Friday. Again, it was a great
time to day-trade the two way action, but also note the waterfall sell-off from
3 PM forward. That was accomplished on very heavy volume. Heavy volume for this
contract over this time period would be over 15K contracts. The period after the
close from 4 PM- 4:15 PM produced an eye-popping 27K plus contracts. That shows
some serious fear about holding anything over the weekend.
At first I thought maybe some were taking the G-20
seriously as gold was rocketing higher Friday as well. But, nothing came of this
soirée except a good meal and dessert.
Today we saw lighter volume,
hesitation and another desire to dump them into the close.
As I said volume was relatively light but breadth was
decidedly negative.
Let’s turn back to my usual posting routine
by first highlighting
SPY. Since
I must leave early today the post will be shorter than usual.
