These Are Not Our Fathers Markets

Index Futures Net Changes and Settlements:

Foreign Markets, Fair Value and Volume:

• In Asia 5 out of 11 markets closed lower: Shanghai Comp +0.46%, Hang Seng -0.12%, Nikkei -0.90%
• In Europe 12 out of 12 markets are trading lower: CAC -1.17%, DAX -1.42%, FTSE -0.34%
• Fair Value: S&P +0.41, NASDAQ +7.72, Dow -29.22
• Total Volume: 1.6mil ESH & 716 SPH traded in the pit

Today’s Economic and Earnings Calendar:

Employment Situation, 8:30 a.m. Eastern; Consumer Sentiment, 10 a.m.; Factory Orders, 10 a.m.; Baker-Hughes Rig Count, 1 p.m.

Fedspeak: Robert Kaplan Speaks, 1:30 p.m.; John Williams Speaks, 3:30 p.m.

Earnings: Weyerhaeuser, 3:05 a.m.; Clorox, 6:30 a.m.; Aon, 6:30 a.m.; Estee Lauder, 6:45 a.m.; Merck, 6:45 a.m. (approx.); LyondellBasell Industries, 6:45 a.m.; Weatherford International, 7 a.m.; Phillips 66, 7 a.m.; J C Penney, 7:30 a.m.; Sprint, 7:30 a.m.; Saia, 7:30 a.m.; Spirit AeroSystems Holdings, 7:30 a.m.; ManpowerGroup, 7:30 a.m.; Madison Square Garden, 7:30 a.m.; Charter Communications, 8 a.m.; Exxon Mobil, 8 a.m.; Chevron, 8:30 a.m.

S&P 500 Futures: First Trading Day Of February Big Dip Then Rip

After 6 lower closes, the Nikkei settled up 1.7%, boosted by a lower yen. In Europe, the Stoxx 600 was up 0.10%, and in the U.S., the S&P had a big night on Globex, initially trading up to 2837.50 and then dropping down to 2809.50, one tick above last weeks low at 2809.25. Globex total volume was high, 343k ES contracts traded.

It was a wild day for the benchmark index futures. In all the ES traded in a 27 handle range from 2809.50-2836.75. The swings it made inside that range were hard and fast, and in the end, it settled right in the middle.

The MiM came online showing $383 million to sell, and quickly dropped to 1.16 billion to sell. The ES reacted in kind, and crapped out all the way down to 2812.50. At 2:45 the MiM flipped to sell $465 million, and the ES started moving back up to 2822.50 in just a few minutes. The futures traded 2822.25 on the 3:00 cash close, and went on to settle at 2822.00, down 4 handle, or -0.15%.

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As always, please use protective buy and sell stops when trading futures and options.

_{Disclaimer: Trading Futures, Options on Futures, and retail off-exchange foreign currency transactions involves substantial risk of loss and is not suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. Any decision to purchase or sell as a result of the opinions expressed in the forum will be the full responsibility of the person(s) authorizing such transaction(s). BE ADVISED TO ALWAYS USE PROTECTIVE STOP LOSSES AND ALLOW FOR SLIPPAGE TO MANAGE YOUR TRADE(S) AS AN INVESTOR COULD LOSE ALL OR MORE THAN THEIR INITIAL INVESTMENT. PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.}