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Well, we do have that gap on the SPX at about 1273 or so. That's a logical spot for a squeeze. Having said that, there is the potential for things to get out-of-hand, and fast ...

So, do we reach the 1250s today or tomorrow?

1239 could trigger a flash crash ... but, yes, you're right, the spoos would rally next week nonetheless -- all the way to 1185.

If 1239 prints tomorrow we won't be rallying next week ...

No, especially under these conditions.

... and yet another t-day bites the dust.

If anyone feels like gambling, here's something to consider. Would Bernanke be speaking at 3:45 with the intent of tanking the markets?

From Dad?

remember folks, "never short a dull market."

If it can't bust through 93.25, that will be a real statement, especially given the amount of buying pressure that's materialized over the past hour or so ... But we'll see. [EDIT: FWIW, 1291.25 is, arguably, of greater significance at the moment. That is, IMHO, the line in the sand.]

funny. now i'm thinking long ...

... and the selling resumes.

It's happened before. Strong support on SPX at 1250. NDX 2240. It's swiss cheese holes on the ES between 1252 and 1279. Given the unrelenting selling pressure of the last few days, I see little reason to think we're going to turn here. We might, of course. But it's little more than...

... and the selling continues.

So, in other words, watch today's put volume? (Lots of 130 puts being written, but even more 131 calls)

To my reckoning, SPY open interest at the moment suggests 133 or so at opex. Volente, would you agree? [edit: having said that, this market's looking weaker and weaker by the minute ....]

It's a very fair question ... and, at the moment, the scenario you envisioned may well be panning out ... Having said that, there is no question (insofar as I can see), that there was significant size hitting the bid in the 1314 area at the close on the 1st and, to a lesser (but still marked)...

Could you provide a screenshot of what you're looking at there? I filter for trade size as well, and I'm drawing the opposite conclusion -- serious dumping at eod on 6/1, very weak buy pressure on 6/2 with more dumping at the close (albeit not as much as on 6/1, but still there), and then MORE...

moderators, please ban this person immediately. he is far too sane for e.t.

Le Taureau est mort.