Kudos to MMs

ES trading at 890 in our overnight session as I write this. Once again, imo it is overvalued by ~50 handles.

 

Imo the SPX gap fill now a 70 delta today.

 

what does this mean, there is a 70% chance of the gap filling?

 

Tribune Co. (Chicago) blew out. This is the beginning of a slew of bankruptcies. Fasten your seatbelts.

 

Yes. The delta of an option can be interpreted as a probability measure.

 

market makers don't move markets in most markets.

hedge funds, investors and position traders move markets.

market makers just do small trades.

 

Market Makers indirectly move markets through their hedging activity. But I agree with what you are saying.

 

Imo, SIFs again go out about 40 handles above "Fair Value".

 

Illinois Governor taken into custody.

Obama should stay far away from most Chicago politicians.