Any warning prior to 3pm on thursday?

[pkts]

Interesting, I'll have to take a peek at the ER2 once in a while....never thought to look at it for correlation but it has been a leader on the downside. GS, LEH, BSC also seemed to indicate the bottom was in.

One thing that'll be lost in this Fed rally today is that the NQ (didn't look at the ES) had sold off into the wee hours after Thurs rally - down to 1840. With HPQ strong and the bears covering...why would people be selling in the AH unless fear is still pervasive. Looking to reshort myself....earlier rather than later now.

Quote from Pa(b)st Prime:

Good observations. I was involved also. I NEVER trade ER2 but it's strength around an hour or so before the close caught my notice. They looked like they'd get higher. This was around the time when ES was above 1400. Then the bottom fell out. I was down about 8 handles on my ER2 and I remember that I sold the last 3 ES I had at 99 and in minutes they were trading 80. ER2 though would come back 3-4 pts effortlessly off it's swing lows during this period. I looked to the ES tape for clues and one could almost feel how the record day volume just sort of dried up as the market rotated off the lows. You're so right. The sellers were facilitated and finished.