Sell ‘Em, Buy ‘Em
The equity index futures arena went on a most wild ride this morning as sellers dominated the early action with reports of aggressive hedge fund selling after the release of a stronger-than-expected retail sales report. Once the selling was absorbed, the SPH had traded -15.00 from its open at 1339, by printing 1324. However, the buyers quickly regained their footing and have taken the market back to yesterday’s session high of 1343.50.
I think today has a chance to be a watershed day for the bulls. Look for 1355 to trade as the quality of buying I am seeing from the institutional community is staggering. The bears have had their fun, now its time for the bulls to begin a trading rally.