Let me assure you of something: there are a lot of very ticked-off e-mini traders right now. Bull or bear, it doesn't matter, you can count on a lot of fury. Let me explain.
If you scroll down yesterday's last post to the comments around 1:00 a.m. EST, you'll see a bevy of people (including me) wondering what on earth just happened to the e-minis. They jumped a huge amount instantly, and no one could figure out what was going on.
And now, as we approach the opening bell, the e-mini markets are lower than they were any time the prior day! In other words……..
- BEARS who were short the /ES or the /NQ probably got stopped-out (or panicked and closed themselves out) when the e-minis suddenly and inexplicably jumped higher than at the very highest points Wednesday. They took a loss, and just to add to the pain, they would have a nice fat profit had they not exited their positions; and
- BULLS who were delighted to see their positions pop higher overnight have seen these gains completely wither away into losses.
In other words, unless you were a bearish trader in these highly-leveraged instruments who decided to throw caution to the wind and have no stop price, you're probably spitting mad right now.
Did anyone ever figure out what all that was about? I haven't seen anything like it in a while.