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Bumping up on its four-year highs this morning (yes, it’s ridiculous to even write that considering both the global and domestic macro-economic situation), the S&P abruptly reversed course and sold off Tuesday.
Surprising only to a few remote tribes in the bush or the handful of others left in the world that have voluntarily cut themselves off from the media, it was once again all about Apple. AAPL fell from its all-time record high open just shy of $675 –putting the NASDAQ back in line with the rest of the markets as stocks had their worst day in 3 weeks (only the 4th down day in this particularly awful August).
The market action woke the trading desks up from their collective summer slumber as the S&P 500 e-mini futures (ES) volume surged to its highest in three week. The average trade size was its highest since the lows in early June - along with its largest daily range in three weeks. Woohoo!
According to Zero Hedge, “Red is the New Green with Today’s Volume And Volatility Surge” http://www.zerohedge.com/news/red-new-green-volume-volatility-surge
“Volatility jumped (amid some extreme gappiness as AAPL started to lose it) back above 15% (up over 1 vol) - leaking modestly lower into the close as ES saw some intraday covering to lift it 'off-the-lows'. Hovering at the Friday morning/Monday night lows in stocks, Treasuries saw a green close (just) with the long-bond 8bps off its intraday high yields - following the same rip-and-dip pattern of the last few days. Credit traded the same pattern as stocks today - with IG breaking below 97bps only to close back above 98.5bps, HY underperformed (as HYG outperformed in a very narrow range). Credit was busy from our chatter with desks. The USD kept falling but stabilized after Europe closed - though commodities all gained on the day - with some 'leakage' in the afternoon. Stocks led risk-assets in general in the risk-off mode - with financials the only notably green sector as tech underperformed.” Trade well and follow the trend, not the so-called “experts.”
Behold the age of infinite moral hazard! On April 2nd, 2009 CONgress forced FASB to suspend rule 157 in favor of deceitful accounting for the TBTF banking mafia.
larrylevin@tradingadvantage.com
Trading Advantage
(888) 755-3846  |  Larry Levin's Trading Advantage is a leading investment education firm that empowers traders to achieve and surpass their financial goals. More than 50,000 students have used Larry Levin's proven techniques for powerful results. |
Trading Signals from the Electronic (ES) mini-SP 500
- FT sell @ 9:56am at 1412.00 = b/e (1 lot)
- Algorithm positions (2)
- “Reading the Tape” positions (0)…combined Secret’s, Algo, & “Reading the Tape” total… +1.25
Click Here to See Yesterday's Detailed Results
ES 1423.25 / 1411.25
POC... 1422.75
YM 13293 / 13187
NQ 2794.50 / 2767.50
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Keep a civil tongue.