Stock Markets ‘Easy Money’ Not So Easy Anymore

Index Futures Net Changes and Settlements:

Foreign Markets, Fair Value and Volume:

• In Asia 10 out of 11 markets closed lower: Shanghai Comp -2.94%, Hang Seng -0.03%, Nikkei -0.80%
• In Europe 7 out of 13 markets are trading higher: CAC +0.39%, DAX -0.01%, FTSE -0.09%
• Fair Value: S&P +1.89, NASDAQ +14.70, Dow -15.70
• Total Volume: 1.94mil ESZ & 429 SPZ traded in the pit

Today’s Economic Calendar:

Today’s economic calendar includes Weekly Bill Settlement, 8-Week Bill Settlement, Jobless Claims 8:30 AM ET, Philadelphia Fed Business Outlook Survey 8:30 AM ET, James Bullard Speaks 9:00 AM ET, Leading Indicators 10:00 AM ET, EIA Natural Gas Report 10:30 AM ET, Randal K. Quarles Speaks 12:15 PM ET, 30-Yr TIPS Auction 1:00 PM ET, Fed Balance Sheet and Money Supply 4:30 PM ET.

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S&P 500 Futures: #ES 2824.25 Then The 41 Handle Drop And Rip

After making a low at 2721.75, and trading down to 2732.25 last Thursday, the S&P 500 futures traded all the way up to 2824.25 after a stunning rally during Tuesday’s day session. It’s hard to gauge these type of moves, but one thing we do know is, the shorts were way off base and the rally was overdue!

The benchmark futures traded lower in the overnight session going into yesterday’s open and printed 2812.25 at 8:30. The first move after the bell was up to a morning high of 2812.75, followed by a selloff down to 2783.25, a near 30 handle drop finding the low just under 90 minutes into the session. The rest of the morning saw strong buying push the futures up to 2817.75 late morning, and then pulled back to 2808.75 to close the morning.

In the afternoon the ES made another push higher, up to 2819.25, but would then chop lower until some stronger selling came in after 1:00 pushing the ES to an afternoon low of 2799.50, a tick shy of a 20 handle pullback before rallying up to 2817.50 to close the 1:00 hours.

The final hour of the day saw the MiM build up to 550 million to sell as the ES dropped down to 2802.00 as the MOC came out 1.67 billion to sell and the ES went on to print 2812.25 on the 3:00 close, made a late high of 2817.75 before settling the day at 2816.75 down 1.00 handle or .03%.

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As always, please use protective buy and sell stops when trading futures and options.

_{Disclaimer: Trading Futures, Options on Futures, and retail off-exchange foreign currency transactions involves substantial risk of loss and is not suitable for all investors. You should carefully consider whether trading is suitable for you in light of your circumstances, knowledge, and financial resources. Any decision to purchase or sell as a result of the opinions expressed in the forum will be the full responsibility of the person(s) authorizing such transaction(s). BE ADVISED TO ALWAYS USE PROTECTIVE STOP LOSSES AND ALLOW FOR SLIPPAGE TO MANAGE YOUR TRADE(S) AS AN INVESTOR COULD LOSE ALL OR MORE THAN THEIR INITIAL INVESTMENT. PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS.}