S&P 500 Futures: China Hubei Corona Virus; 7,783 Infected, 170 Dead
I am not going to do my normal ups and downs today. The ES sold off a 20 handle rally, then rallied 23 handles and then late in the day sold off 20 handles as the 2:50 CT cash imbalance (MiM) went to sell $2.5 billion. There were a lot of late-day Fed headlines but the bottom line is QE4 is alive and well. My feeling on that is as long as the Fed is printing money the stock buybacks will continue to support the US stock market. The other part that the PitBull and I discussed is that the high-frequency bots do not care at all about the coronavirus.
After the 3:00 cash close, the ES made a new daily low by 3 ticks down to 3269.50 and settled at 3270.75 on the 3:15 futures close down -0.30% on the day. In terms of the ES’s overall tone, it acted somewhat weakly but not overly. In terms of the day’s overall trade, volume was steady as 1.6 million futures traded.
Bert Dohmen (@BertDohmen) tweeted at 2:27 PM on Wed, Jan 29, 2020:
How did the coronavirus epidemic start? The official theory is that someone ate bat soup at a Wuhan seafood and animal market…In fact, the Wuhan Biolab’s Dr. Zhou has worked for years on bats and why bats have the virus but don’t get sick. Food markets are filthy.
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