Went short the qqq at 24.50 big time and going to paste something from option investor market monitor.
Jim, the "Oliver Stone" in me finds it AMAZINGLY odd that this CME outage occured moments after the Beige Book came out. It's my view this was indeed the SP500 PIT traders then buying em Long when it happened, running online traders' short stops, and then it simply escalated as the momo trend was established. And now, you still have ONLINE futures traders who refuse to trade as they can't trust their data and online broker quotes and are just "sitting here" waiting for the problem to be fixed. Meanwhile, the ORIGINAL momo of Long still remains well intact as you now have online traders doing PHONE orders to cover em during this CME problem if they were trapped short lower. And now you also have stock and option traders who don't trade futures, seeing their ES charts over 885, 887, 890, 892 saying 'I don't know WHY its going UP, but it sure is, so I better cover/go long myself' |
