Quote from Trading for a Living: Coffee and cocoa move as fast as the S&P? Huh? ES is perhaps one of the most liquid markest and it doesn't move that much at all. It would be much easier for a larger player to manipulate cocoa than to manipulate ES. In fact, ES (SPY) is one of the safest to trade for swing trading (holding overnight). Throughout the book Elder recommends trading individual stocks but never once considers the risk associated with market closure (gaps, etc). Am I mising something here? Perhaps I'm misinterpreting his text.