Tuesday Outlook: Boring - Except When It's Not

 

For most of the day things were boring. The only thing that stood out to me is they sold them hard at the end again.

Take a look at this 15 minute EMini NASDAQ December futures chart below from Friday. Again, it was a great time to day-trade the two way action, but also note the waterfall sell-off from 3 PM forward. That was accomplished on very heavy volume. Heavy volume for this contract over this time period would be over 15K contracts. The period after the close from 4 PM- 4:15 PM produced an eye-popping 27K plus contracts. That shows some serious fear about holding anything over the weekend.



At first I thought maybe some were taking the G-20 seriously as gold was rocketing higher Friday as well. But, nothing came of this soirée except a good meal and dessert.

Today we saw lighter volume, hesitation and another desire to dump them into the close.



As I said volume was relatively light but breadth was decidedly negative.



Let’s turn back to my usual posting routine by first highlighting SPY. Since I must leave early today the post will be shorter than usual.

Continue to page 2 - Commodities, Emerging Markets >>

Comment on this article >>