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SPDR S&P 500 ETF Message Board

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  • nyctom_2000 nyctom_2000 Oct 14, 2011 1:41 PM Flag

    Morning Gap-Ups Are Killing The Shorts

     

    "Translation: This ain't open outcry for cryin' out loud.

    QUACK! QUACK!'

    The other thing that is different about the market today is that futures now control the cash market and not the other way around (when Southy used to trade). To their credit, the Zero Hedge guys have picked up on that and have been complaining about that fact from time to time.

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    • ==>The other thing that is different about the market today is that futures now control the cash market and not the other way around (when Southy used to trade).

      That's been true for quite a long time. That's what "the tail wagging the dog" refers to, and it started with the introduction of index futures, but only started to gain traction around 1986, and has grown in influence ever since. Of course, index ETFs are the other major influence in the tail wagging the dog.

      Anyway, I respectfully disagree with your conclusion. That the overwhelming majority of this move up has occurred in the futures overnight (when there is almost no friction from arbitrage) is not a healthy sign IMO.

      But I have no particular axe to grind at the moment. Just doing a little scalping.

      QUAcK! QUACK!

 
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