<i>"Volume a little weak today"</i> Yes, but the +4pt to +8pt or greater profit swings from entry signals were tossed around like condoms at a frat-house beer party. Anyone who cannot make substantial amounts of money in that symbol today cannot possibly blame market conditions for it. At all.
Volume only 139k yesterday and 148k previous day? Volume and tic bars also looking tough to read. I thought this contract was going to succeed, but this week the price and volume action not there. Volume consistency better improve or more traders will run back to the CME ES and NQ.
This is one of the worst weeks in the history of the U.S. financial system. Judging the performance of an essentially brand new contract in this environment is pointless.
Not really a brand new contract, just switched to a different exchange. If it keeps dwindling in contracts traded, it will die a slow miserable death. ES, NQ, and YM seem to be doing okay. Why not the Russel 2000? Maybe because it switched to ICE. Maybe it's going to be a dud. It might even win the dud of the year award.
the funny thing is, volume is lower than even before the ICE switch, this contract traded under ICE before the switch, and after it has lower volume than it used to have. It just doesn't add up, either everybody who traded ER2 deserted the russell2000 or no one is trading until this economic fiasco is back on the mend.
The ES did 3.1 mil on Tues and 2.4 mil yesterday, both above average volume. The Russell should have done 200k to 260k (it did 138k and 148k) to be eqivalent to ES. I know some people are on the sidelines, but volume is not there; and I hate to say it but a lot people appear to have moved on to other products.
That's interesting. May be there were traders trying to arb between the two exchanges when they were trading concurrently (I contemplated the idea when I was wide bid/offer spreads on ICE.) Also I used to trade the ES/ER2 spread and now it doesn't make sense to do it even if there were high volume on ICE. The reason being now there is no spread margin which was significantly lower under SPAN. May be there were a lot of spread traders like me who said goodbye to ER2. Too bad.