‘Buy Bonds, Sell S&P’

Commentary, News, Technical Analysis, The Closing Print, Video

HIGH: 2181.50 On the Open
LOW: 2173.25 Early Afternoon
LAST: 2174.75 Down 3.75 Handles
TOTAL VOLUME: Less than 1mil ES Traded (including Globex).
NFIB Small Business Optimism Index, Productivity and Costs, Redbook, Wholesale Trade, a 4-Week Bill Auction, and a 3-Yr Note Auction.

It was a quiet day today, the S&P’s only had a 7 handle range.

Last week, volume was lower than the week before, but today’s volume was noticeably lower.

Additionally – There are a lot less economic reports out this week than there were last week.

The ES was really quiet today, but I really think that today was just a ‘rest’ day and we start to go back up tomorrow and close abobe 2176.00 – I think the ES is going straight to 2190.00 – Then 2208.00.

Monday’s have not been all that good, and it looks like they are buying bonds/selling S&P’s.

Crude oil is doing exactly what I said it would from the $40 level. I said the next $4 would be up, and so far they’re up $3.28.

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Danny Riley (3463 Posts)

Danny Riley has worked in the futures and options industry for 38 years, including the CBOT’s bond room, where he worked for several of the Market Wizards. He went on to build the largest volume desk in the S&P 500 Index Futures, serving some of the largest banks and hedge funds, the UBS program trading business, and some of the world's top individual traders. As a leader and co-creator of the MrTopStep IM-Pro Trading Room, he shares trading ideas and breaking market news live from the floor with our other professional traders and new traders eager to experience the power of collective intelligence. Join us today and get the edge only social trading can give you.

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