Longs were loaded to the gills with contracts when we hit the highs in April.
They sold off about 2/3 of their positions until the July low. Stopped selling because if they continued prices would have fallen under the 1000 level on the mini's.
Since the low they bought back less than half of what they sold to try to move prices back to the 1126 level.
Most of the buying was done in July. They still have a core position and for the most part, they are trying to trade their way out by whip sawing it all over the place.
Just like you say, zig zag.
Almost all of the positions that were taken in August are now liquidated.
No way out with out price destruction. That's the bottom line. Seems that the orders are floor on DOW is 9500 or so and floor on SNP is 1000.
They still have 378000 july to dump. They had to get prices back up to make their accounts look purdee...
they bought back almost nothing so far from the dump of yesterday.
If they squeeze it probably shoot for 1088.50.
52 week sma......but 2009 levels...not the most likely scenario now.
We had panic down after CSCO and washed out a lot so it was easy for them to push it back up on low vol overnight in front of employment numbers ,I shorted near top again this AM will cover some here as pre market is thin and have small position left, as you called it ,there was a lot of vapor once we broke. Look at FTSE today to see the whipsaw .
If we calculate contracts as UNITS and a unit can be a tick and within a tick there can be 50 contracts or 10 contracts. We don't really know or care. Because all I want to do is keep track of the position of the longs.
So I have devised a way to keep track of UNITS. Longs as a group are still sitting on 1,011,277 units as of this post and that will change of course
They had 1,860,000 units. They were down to 657000 units.
They got back to 1,1740,000 units at 1126.75.
They are now down to 1,011,277 units.
So think about how truly weak this is. 160,000 units took the ES down from 1126 to 1073....You can probably program your charts to do this as well. There are really no buyers in this market other than some big money with an agenda to make it look like there is actually an interest in it.
The second subgraph shows August activity.
The thid subgraph shows activity beginning from the lows of march 2009.
The white histo tracks their positions.
The greenline is an average of their positions and the red line is just the average of their positions divided by 4.
Helps me stay out of trouble. This is why I was saying to you that there is tons of supply available and that 26's had no buy side interest.
So they have around 22000 units left out of the august pump attempt. They had around 180000. I don't want their worthless contracts.....