what happened at 12:00?

ES jumped from 1252 to 1262 within 10-15min but then dropped back to original level just now (12:30).

I can't find any news explaining this. Anyone can give me some insights?

 

This is probably the cause.

http://www.bloomberg.com/apps/news?pid=20601087&sid=aAbexDTdj_QM&refer=home

 

Just normal futures trading over the past few weeks.

Watched the YM jump 70 points in an hour or so on no news a few nights ago.

This market is crazy. Not much can explain what has been going on. When else have you seen the Dow jump and fall 100+ points several times a day?

 

NY Times published an article about nationalisation of FRE and FNM

http://www.elitetrader.com/vb/showthread.php?s=&threadid=131366&perpage=6&pagenumber=2

 

Why isn't the dollar falling? We're taking on another $5 trillion in debt if nationalized.

 

Here ya go ....

<img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=1989911>

 

When something doesn't go in your intended direction, it means one of two things:

(1) you are wrong
(2) you are correct, and early

For example, if FRE and FNM are nationalised, and shareholders get less than $2 per share, then FRE is a screaming sell at $8.

So the sellers at $8 are either (1) wrong or (2) correct and early

 

This seems to be the cause. The time stamp shows July 10, 2008 23:47 EDT.