You obviously confuse real selling with sell programs. Those who watch the markets daily know that there have been a ton more buy programs than sell programs over the past 6 months. Anyway, you're the guy who thinks the Fed still hasn't lowered interest rates. LOL.
LOL. FNM and FRE rumors are really going to move the ES 12 points without any kind of program operating. OK. You believe everything the media feeds you. There ALWAYS has to be an explanation for the price moving, right? Markets are often moved, for various reasons, which you obviously have no clue about.
No one ever said that there were no buy programs operating today at 2:30PM EST. The REASON behind the program buying were the rumors about FNM and FRE. The Treasury Department just dismissed these rumors and as a result the sellers have once again taken control. You need a course in "Reading Comprehension". Really now? Do you subscribe to the NYSE quote service that denotes program trading on the "prints"? Really now? Have you ever been a successful floor trader of 10 years who traded stock-index futures for a living? I have. If this is true, please tell me why the FED continues to leave Fed Funds trading OVER 2 points above the 2-year Treasury Note yield? But leave it to you to think that those "sexy" little Fed auctions about a quarter point below Fed Funds are anything but temporary ( repos ). Ever hear of a Coupon Pass? Guess not.
Real selling here. The buy program can keep the market up for so long in the face of a bunch of sellers. People don't want to hold long here in this treacherous environment makes it hard to have a strong close.
To be brutally honest you don't sound like you have a clue of what you're talking about. "the action I see before me" are you trading a real money account at all?
Take a look at the market crapping out....seems to coincide exactly with the Treasury statement refuting the FNM and FRE rumors. And you say I have "no clue"???? LOL...the internet is soooooo funny.
This from a guy who was long the market ahead of the jobs report a couple Fridays ago! I called the buy program and acknowledged that there was a sell program and real sellers jumping on the bids about an hour ago. Well, at least it lets me know why most traders lose money.