The selloff around 1:40 had a breaking news driven reaction feel about it. Apparrantly a non scheduled housing sentiment report was released showing a slumping housing market. I say any report that moves the Market like that needs to be scheduled. Rennick
The NAHB housing number came out at noon central time. It showed the lowest reading in a long time (not sure how many months exactly).
NAHB is in the same camp as the NAR - both shill organizations that like to rosie-up their images. I'm glad they released poor data - one more reason the fed should stay the course.
I do not think that was a news sell-off.....we are just having a good "running profile" trade day as per "market profile" auction market theory. Plus 1336.00 was the same price level that was sold last week (for the ES).....those were good moves to trade today.
That was the lowest reading since 1991. Heads up: Cramer was pounding the table saying the builders were oversold.
What the hell? we had a 6 handles range, u can hardly catagorized that as a day that has paper involved. What selloff?
Yea, we trade between S1 and R1 all day. This is usual behavior for the few days preceeding a fed meeting. Just business as usual.
Take a look at the chart, it took an +20 dow market to -20 in 15 minutes. I now believe the reason for it was the news that a hedge fund overextended in nat. gas was going belly up. This news hit around 1:35pm EDT. When a sudden move hits, it's almost always either breaking news or a program trade. Rennick Sperandio out
This news too was well know before the market even opened today....sorry, don't mean to burst any bubbles