Tomorrow: MBA Purchase Applications, ADP Employment Report, Gallup US Job Creation Index, International Trade, EIA Petroleum Status Report, FOMC Minutes, Charles Evans Speaks and Alcoa kicks off the earnings season on Jan 12
Crude futures (CLG15) got down to 47.56
S&P futures that closed at 2016 sold off down to 1984.50, a 35 handle sell off from the close and 44 handles from the 2023.75 day high
Rallied 26+ handles up to 2009.75
Volatility is BACK and its putting the hurt on some people and oil firms.
Once the customers are forced to roll lower and the margin calls go out and the forced liquidation is done the ES has a tendency to rally – is it over? That all depends on where crude oil is going.
Lots of big economic numbers and the Fed Minutes tomorrow …
Crude is oversold and we think the next $2.00 to $3.00s is going to be up.
Bought some cheap calls today.. lets see how that plays out
High 2023.20 Early
Low 1984.00 Midday
Last 2004.00 , down 11.9 handles
Volume 2.2mil ESH and 9k SPH trtade
MOC Sell $50mil
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