In the world of economic shell games, there is no greater game going one than in the world of zero borrowing cost. When the fed finally made its choice to raise interest rates, they did so in the face of a worsening global economic slowdown, and in the face of increased quantitative easing programs out […]
The S&P sold off a little late last week. If you are looking for a reason, it’s called profit taking at S&P 2100.00, Dow 18,000 and Nasdaq 4550.00. Last week had a low level of economic reports and a high level of earnings. The week ahead is not at all like last week. There are […]
The S&P 500 futures traded down to 1983.25 early last week, then made a low of 1991 in the final minutes of trade last Friday. During Sunday night’s Globex session, a low at 1995.25 was made, followed by a 1995.75 low during Monday’s cash session, setting up the third higher low since last Monday. The […]
The S&P 500 futures finally pulled back a little, but is still only 1% off its most recent high. From the August 24th low at 1831, to its 2110.25 high, the S&P futures have rallied 279.25 points (handles), that’s over +15% since making its low. A knockout October jobs report has made the prospects of […]
HIGH: 2086.50 LOW: 2075.50 LAST: 2086.00 +5 Handles VOLUME: 1.2mil minis, and 4.5K bigs traded in the pit. MOC: BUY $130mil FOR TOMORROW: Monthly GDP, Personal Income and Outlays, Employment Cost Index, Chicago PMI, Consumer Sentiment, San Francisco Federal Reserve Bank President John Williams Speech, and Kansas City Federal Reserve Bank President Esther George Speech. […]
You can forget the earnings, and you can forget the rate hike, but you can’t forget the Plunge Protection Team, or the PPT. The surprise wasn’t that the fed didn’t jack rates, the surprise was the big early rally and sell off, but the bigger surprise was the rally all the way back to the […]
Low volumes and the algorithmic programs finally did away with the buy stops sitting just below and just above the old contract high. Yesterday the S&P 500 futures (ESM15:CME) decided to “officially” run the buy stops above 2100.00 and its old March contract high at 2109.75. As I have said many times: When the S&P […]
SELL BONDS / SELL S&P A powerful jobs report reinforced the idea that the Fed could start to raise rates as early as June. The CBOT’s June 30-year bond contract rose over 3 full points while stocks closed sharply lower. As the ECB gets closer and closer to launching its new quantitative easing plan, European […]
S&P Futures April Month End Walk Away and the $2.2bilLate Day RIP