Holiday volume, MiM rules and WB throws us the hint of a bone on year end S&P price
In Asia, 7 out of 11 markets closed higher: Shanghai Comp. -0.14%, Hang Seng -0.01%, Nikkei -0.67%. In Europe 8 out of 11 markets were trading lower: DAX +0.01% and FTSE -0.45%. Today started with 157k ESZ and 500 SPZ traded on Globex, ESZ trading range was 1705.75 – 1701.00. Monday’s regular trading hours (RTH’s), pit session trading range was 1798.70 – 1706.50 before settling at 1802.40, up 1.2 handles. The regular trading hours opened 1802.00 – 1802.80, traded down to 1799.20 before the grind continued its upward trend – printing a new high in the final hour of trade, 1807.30.
Traditional headlines like these had no impact on the trade: It is all about the money – follow the money!
iceChat (08:26) …..(BN) *EL-ERIAN SAYS FED TO START TAPER IN NEXT 6 TO 12 MONTHS
mts2 (08:27) talk of dovish think tank report on ECB…talk that ECB would be ready to use negative rates if there is a threat of deflation
iceChat (08:53) MNI: NEWS: ECB SOURCES: NO CONSENSUS NOW FOR MORE ACTION AT DEC MEETING-SOURCES: IF EMU ECON, INFLATION DON’T RESPOND, WILL DO ‘MORE.’
iceChat (09:00) miss … 70.4 vs exp 72.9 Consumer Confidence weakest since April
Richmond Fed 13 vs 4 exp.
william_blount 11/25/13: if we go into silly season you all are going to be real surprised where the YEAR END price is going to be - as long as we hold 1765 cash through Friday. mts2 (08:18) YEAR END price is going to be? The suspense is killing me … throw us bone… best guess in round numbahs? william_blount (08:20) got to clear out the 1829, then some minor crap at … ***Today william_blount (08:20) 1836– little bigger deal 1857/58, then another big deal at 1868. We will continue to hold out William’s year end objective, but it is higher than the levels given here…
Events: Will any of this matter? China Oct. industrial profits tonight and tomorrow morning US durable goods and PCE for Oct. 7:30CT, Michigan Confidence for Nov. 8:55 and new home sales for Oct. 9:00CT. The S&P was trading in the 1806 area when the … iceChat (14:00) MrTopStep MiM Closing Imbalance showing 70%, $294M to sell side followed by iceChat (14:20) MiM showing 65%, $334M for sale, at 2:50 showed $758M to sell while the SPZ traded 1803 area. The MSCI rebalance came out – totaling $2.6b to sell - and the futures sold off to 1801.50 area, almost 6 handles from the high. The cash close traded 1801.70 before the futures settled at 1802.00, down 0.4 handle on the day.
Warning, open at your own risk! This is a bit vulgar, but it is pretty funny – yeah, it’s that algo thing http://freakngenius.com/v/K2um6
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