High: 2094.40 mid afternoon
Low: 2083.50 early
Last: 2088.70, up 4 handles on the day
Volume: 615k minis, and 2.4k SPZ traded in the pit.
The markets are eerily quiet. At 2:40 the total volume in ESZ15 is only 615,000 contracts traded, but that includes 145,000 coming from Globex. When you take out the 145k, that’s only 470,000, and if you take half of that for program trading, total day volume is down to 235,000 contracts traded in the day session.
The CME is closed tomorrow for the Thanksgiving Holiday, and open for a half day on Friday. There are no scheduled economic releases, but Monday has some key numbers out.
As of right this minute the Dow Junes is seeing its smallest trading range of the year.
Risk off in Europe, and the Thanksgiving holiday, has put the brakes on trading.
I know the SPX dropped 100 points in the first week of December last year and stayed weak until the middle of the month, but I think all the big drops and higher lows are going to make it hard for the ES to drop significantly.
Volume matters, and when there is none, the markets go up. With all the buy stops above the 2090 level up to 2112, initially I think its very possible we see that, or higher, over the next two trading days.
I do not think the ESZ will go straight up in the beginning of December, but I don’t think its going to get killed either.
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