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Midday Review, Cash Market is The Dog, Futures is the Tail, $ES_F

Jim Perez

As it is on most days, the cash market is the dog that wags its tail and the futures market is the tail. But on a day like today, where cash has a more obvious agenda to fill to the downside, the pressure in the form of sell programs has been relentless. Long futures inventory tries to stay committed in the face of these sell programs but so far has been unable to muster anything other than a little short covering to the upside.
On the sideline until FOMC.