Higher nominal index values = larger ranges/moves in points. I wonder if we'll see the first >= 250 point range in ES this year? The FOMC plunge on the 18th of December is the 2nd largest RTH range (213,25) ever. Down - 3.07 %. The largest range ever was in March 2020 on a 9.63 % (!) up day at 218.25 points. The index value was around 2600 then. A 5 % move at these levels is approximately 300 ES points. Not a prediction! LOL. EDIT: Typo.
This got me curious about what the largest RTH range was during those times when the market threw hissy fits. So here's a quick flashback. 1) 1997 Asian Financial Crisis I clearly remember this day. Just plain nasty all around. Thought the sky was literally falling. Needless to say, I was a complete mess (aka noob) at the time. 2) 2000 Dot.com Crash I remember this day vividly as well. Oh, you should have seen the faces of those permabull news pundits. It was a day of absolute bliss for me. 3) 9/11 Who doesn't know about 9/11? Thankfully, the terrorist attacks happened before the opening bell, so NYSE and NASDAQ both took the day off and then decided to take the entire week off. We were still not over with the ravages of the dot.com crash, so the pain was especially acute. You can see what happened when the market resumed the next week. 4) 2008 GFC and the birth of Fed scams (I meant interventions) No introduction needed here. You all know what happened afterward with the infinite number of QEs. No doubt, the greatest bull run in history. "Just buy the fcking dip!", so the meme goes. But before that, the hysteria surrounding the Lehman Brother's demise was unbelievable as well, as you can see here (and I think it was my best day up to that point). 5) Cerveza Sickness of 2020 The year that started a global pandemic, which nobody has ever witnessed in their lifetime. And hoarding of toilet papers, also something that I've never seen in my lifetime. I mean, Geezus, who woulda thunk. Toilet papers, of all things.
Black Edge was good but pissed me off. How come nobody on Wall Street ever goes to prison? Billion Dollar Whale, another book on investing scam, was also a good read.
We really need to get a Discord channel going. If for nothing else, just to shoot the shit on things outside of trading.
Yes, the V's aren't holding. It's been hard to adjust. So used to them leading to monster rallies. I thought for sure it would be green today. Usual future pump to start the night. Hoping for some blood tomorrow and then a massive ripper on Monday.