After the open the SPM downticked and then traded up to the 1549 area, sold off down to the 1547 area, bounced and then made a new low at 1546. A few minutes later it was trading the 1551 area and then up to the 1552.50 area. After another small, low-volume pullback the SPM rallied up to a new high at 1553.70 at 10:21.
With most of the selling used up on the 9-handle-lower open and a slight pullback, the ESM went into "short cover" mode and ran buy stops and buy programs to push the futures back up to just 5 handles off the 1558.50 "double top." After another brief pullback the SPM made another new high up at 1554.50. The same price action pushed the SPM up to a new high at 1555.50 and then up to 1556.50 at 1:00 CT. With the exception of Monday's selloff, T+3 has been hard at work all week. Going into 2:30 the SPM ran another buy program that pushed it all the way up to 1558.30, up 10 cents on the day. The SPM was trading the 1557.50 area when the 2:45 cash imbalance showed MOC sell $580mil. On the 3:00 cash close the SPM traded 1557 area and then went on to settle at 1557.20 on the 3:15 futures close, down .40 handle on the day. Can you say T+3?_______________________________________________________________
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DISCLAIMER: The information and data in the above report were obtained from sources considered reliable. Opinions, market data, and recommendations are subject to change at any time. Their accuracy or completeness is not guaranteed and the giving of the same is not to be deemed as an offer or solicitation on our part with respect to the sale or purchase of any commodities or securities.