Trying to get long small 74.50-75.50, stop under 71, for a stab at 80+
ES Journal Archive (2009 - 2010)
- Thread starter Jahajee
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1) Libor-OIS Spread Falls to Lowest Since Lehman on Cash Infusions
2) USD / JPY touching monthly lower BB
3) T-Bonds up
4) SPY Jan 83 and 85 strike very high open interest
Expect sideways price action
Forgot to mention 12.000 puts changing hands in German DAX options, strike 4800 JAN.
Option expiration week leading up to Day the Great One will be Annointed. I expect more bad news - earning, Mid East, weekly unemployment, economy, geopolitical etc, but a rally from 867 or even lower. Not straight up but choppy action that will be difficult to trade, and then the big move down. Support at 867 and as low as 845 (S3)
Quote from Lawrence Chan:
Don't you guys notice the overall volume in ES has dropped sharply since new year?
Comparing to Nov, it seems to me the volume contracted at least by 1/2 so far. Will need to see starting next week if the volume picks up again.
If volume keeps going lower, price action will get worse.
LC any reason why this is happening?
It seems crazy to happen in the 800's
The low volume problem persisted today. So definitely not a new year week problem.
Remember the bear market years 2001 - 2002?
Volume on stocks goes to almost nothing causing multiple market making firms to belly up.
Not sure if it is a sign that people are moving away from stocks and indices as mentioned here by B1S2.
Edit: Another possibility - almost everyone who has an opinion to long/short overnight had already done so.
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