Collective Intelligence!
Volatility leads to up a day/down a day – choppy trade for the week and a scalpers’ delight. However, made a rough go of it for the momentum/options traders. There was no news event to dissect during today’s trade, but it is obvious there are considerable concerns for a number of traders that continue to slam the rallies back and the bulls continue to protect 1767 area in the [SPX]. I don’t know about you, but I for one can’t wait for next week’s action.
Snippets: iceChat (08:57) just heard that [GS] Goldman had mentioned in one of their writings for today they were expecting an 8-10B pension rebalance for month end or beginning of new month…supposedly selling bonds and buying stocks … i haven’t seen it but I hear its been circulating this morning. Just a heads up. rose (11:27) we called for $10-$12billion but the #’s are VERY subjective, especially this early in the year.
iceChat (13:03) FED’S FISHER SAYS ECONOMIC ‘DASHBOARD’ SHOWS U.S. ‘BACK IN THE GREEN’ ON GDP GROWTH’ / FED’S ‘HIGH-OCTANE FUEL’ OF EASY MONEY HAS BEGUN TO HELP ECONOMY; CONGRESS IS HOLDING IT BACK / *FISHER REITERATES HE WANTS QE CUT TO ZERO `AS SOON AS POSSIBLE.
*U.S. SAID TO FIND KEYSTONE WON’T GREATLY BOOST OIL SANDS OUTPUT / *U.S. SAID TO FIND KEYSTONE WOULD HAVE NO GREAT CLIMATE IMPACT / WHITE HOUSE SAYS STATE DEPT REPORT ON KEYSTONE XL PIPELINE WILL NOT REPRESENT A FINAL DECISION, WILL OPEN UP PROCESS FOR FURTHER PUBLIC COMMENT. *CNBC: **PICKENS SAYS KEYSTONE WON’T IMPACT GASOLINE OR OIL PRICES
Today started with 490k ESH and 1.9k SPH traded on Globex, ESH trading range was 1784.75 – 1761.25. Yesterday’s regular trading hours (RTH’s), pit session trading range was 1793.20 – 1778.70 before settling at 1781.20, up 10 handles. Roger_Sawyer (08:40) Is Chicago PMI out yet for their early subscribers? Yes it is a pay for service. Chance (08:43) 59.6 vs 59.0 exp Chicago PMI. parker_schwartz (08:59) [SPX] cash higher low so far – followed by Michigan sentiment checking in at 81.2 vs exp of 81.0 & a new 1773.50 high.
Today’s RTH’s, pit session, gapped 16 handles lower to 1765.50 – 1765.80, traded an early low of 1765.00, holding above the Globex / new year low at 1761.30 and slowly and quietly reversing through the morning, trading a morning high of 1783.80 and on the 1788. ES first 15 min range… 1769.75 / 1764.75… first half hour… 1772.50 / 1764.75… and the spill higher squeezed all those weak shorts from the Globex session as the spoos converted 1781.75 UNCH ON THE WEEK – MAKING A BAD MONTH a little less bad by printing 1788.20 intraday high. iceChat (13:34) $469 mil for sale my guy early look … However, at 2:00 The MrTopStep imbalance Meter, MiM, showed a modest sell of $130M before flipping to a moderate buy of $450M before pairing off to a modest $147 to buy on the cash close. The futures traded 1776.40 on the cash close.
Coming events: http://www.investing.com/economic-calendar/ *Earnings pre-mrkt: [
Tonight — China official PMI manufacturing for Jan.
Posted yesterday: The week started out with nearly falling off the cliff – with the bears doing all the heavy pushing. For the most part, the bulls were content to stand on the sidelines, being patient enough to wait on the predetermined level of 1767 in the [SPX] to defend the downside onslaught over the last several seasons. The midweek price action saw some decent volatility as control of the price action flipped back and forth, chopping up a number of traders. Neither the bears nor the bulls pushed hard enough to extend their gains in an effort to knock the other group completely out. If the bulls are successful, they need to run stops above 1800 on through the mid-teens. Until then, I for one will not be impressed.
