A Volatile Trade
S&Ps put in a low print at 1010.50, just missing the open gap at 1010, which we outlined in the Morning Meeting as a downside target. This is a very volatile trade, as the S&Ps have rallied to 1016 on massive short-covering. Be careful in these market conditions!
The Philly Fed survey in the late morning brought a spike to 1021 and then a quick retracement to 1014.
A volatile trade in the Nasdaq futures as well, spiking to 1092 on the Philly Fed survey report, and then dropping to within 1 handle of the 1077 low on the day, before short-covering brought the market to 1085.
The Philly Fed survey did appear to be bullish, but the market has been choppy and fast.
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