The Pit appeared to be holding the line on the ES pivot of 887.75, with no 30 min. bars closing above it. Who are these rabbid buyers that are fighting logic here? We should sell down unless there's really good news, but we aren't because someone keeps driving the indexes up without success. The morning pop was an unexpected surprise as well with many stops triggered causing a mini rally. Let the market retrace 50-66% of the last up leg and we'll get on with the rally--why does it need rushed? Can't complain about the nice volatility though.
Pit traders do not try and hold markets. The good ones only try and observe what the market wants to do and help it along its journey. If the market wants to find balance at the "pivot point" the traders will be glad to sclap off that number for sure. Pit traders that are stubborn and try and "make" markets go in a particular direction get carried out. Or at least they are asked to find another field of endeavor by their clearing member.
I wouldnt rule out just a bunch of well timed program buying...Afternoon re-allocations, that in normal liquidity would be absorbed by the other side of the trade, but due to a very skiddish market, no one wants to defend their territory...Instead, alot of one way vertical movement up and down that looks and feels like the real mccoy for the moment and then quickly reverses...