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‘$ES_F’ Is So Thin That Turning It Sideways Would Make It Vanish!

Brian Shepard
mts marketrecap 330 300x207 $ES F Is So Thin That Turning It Sideways Would Make It Vanish!

Collective Intelligence!

Snippets: When the RTH’s started with only 54k traded during the overnight Globex session we knew it was going to be a very long day. However, we were wrong – it was even worse … Therefore, I am going to keep it short – sideways consolidation was the flavor. On the bright side, the bulls are keeping some pressure on the bears, but the next set of stops rest above the Yell, 1866.25, and the bulls have been knocking on the door trying to see what is above there. So far, no one is willing to extend – lead the charge to convert that level to support.

About 150 S&P 500 companies are scheduled to release results this week, in an earnings season that has been mediocre. http://www.cnbc.com/id/101593664

Today started with only 54k ESM traded on Globex, trading range was 1862.75 – 1857.25. Thursday’s regular trading hours (RTH’s), pit session trading range was 1863.50 – 1850.30 before settling at 1857.90, up 5.1 handles.

Today’s RTH’s, pit session, opened 1.3 handles higher to 1859.00 – 1859.30, traded a low of 1858.50, bounced up to 1864.20 before fading back to a new intraday low of  1856.80 and very quietly grinding higher through the midday, printing an afternoon high of 1865.50 in the lightest volume since…  we don’t even care to know. The real story was how quiet it was. The holiday weekend was extended with a number of overseas markets closed and the Catholic schools on spring break this week.

This was actually posted last Thursday but it seems to apply to today’s tape as well … Chance (13:01) thin to win all the way…I typically refrain from shorting these slow grindy markets – i say that and watch this damn thing rollover. The MrTopStep imbalance Meter, MiM, showed a modest, but considering the day’s volume a large imbalance of $200M growing to $520M going into the cash close. On the cash close the futures were trading 1865.00, actually went on to double top at 1865.50 before settling at 1864.40, up 6.5 handles on the day. E-mini volume on the day was a light 522K with the VIX going out at 13.25, down 11 ticks.

Eco calendar:http://www.investing.com/economic-calendar/

**Priceless >> My theory on Yellen is that she resembles a hobbit. so she must come from a long line of hobbits. hobbits are trustworthy and live in a dream world where all is good. that is until the orks show up – Sam_E.
Is it just me, or does the [SPX] remind you of this too? http://bit.ly/1gMLR2v