Offsides Called On Bears As Weak Shorts Get Flipped Again

Collective Intelligence!

Snippets: Hmmm … wonder what they knew then?  “FED SAYS BANKS EASED COMMERCIAL LOAN POLICIES IN FIRST QUARTER”.

This is a game of “catching” people offsides and we are seeing it big this morning – driley.

Today’s ES action is interesting, Just as gold moved into resistance on the open, ES moved into support and both have reversed off the open. Today’s ES flushed out longs from Friday looking for 1900 and give way for move higher if bulls can recover 1885 tomorrow for turn around tuesday that seems everyone is front running now – Chicagostock.

Today started with 168k ESM traded on Globex, trading range was 1863.75 – 1877.25. Friday’s regular trading hours (RTH’s), pit session trading range was 1885.50 – 1872.50 before settling at 1874.40, down 3.3 handles. During the Globex session, China’s manufacturing contracted for the fourth month in a row and that led the global equities sharply lower.

Today’s RTH’s, pit session, gapped 8.5 handles lower to open at 1865.70 – 1866.00, marking the early high before fading back to an intraday low of 1861.00, at 8:41. A quick reversal to 1870.00 followed in the first 30 mins. Chicagostock (08:31) Cash open under Fri lows. Can we say people from Fri now trapped http://stks.co/q0Hc2 Both the Markit and the ISM  Non-Manufacturing PMI dropped to 12 month lows as prices paid continues jumped to 60.8 APR vs 58.3 MAR. Roger (09:07) Financials lagging and utilities leading, so far George (09:08) financials not liking low yields. “Can we say people from Fri now trapped”. william_blount (09:12) they are as long as we dont take out 1873.5 AFTER 11:05ET (09:16) ES +10 handles from RTH low – printing a high of 1872.80b. PivotBoss (09:25) [NDX] very strong – [IBB] catching a bid up [SPY] and [RUT] lagging the leaders as the late as well as weak shorts got flipped again up to 1876.00 HOD. stephen (09:52) Holder signals charges near as US said to weigh 2 cases on Banks and the [BKX] trades over 1% lower on the day. william_blount (10:03) any NEW HOD, at 9:51 from HERE, 1876.00 = BEARS TOASTED. Well, in a drifting, sideways to higher market a series of new highs did trade.

Top Notch aka Tim Hafke  http://youtu.be/V7DuvUzdWew

Kathy lunch video:http://bit.ly/1lSqfUg

Following a lunchtime sideways to even more sideways trade – the S&P futures slowly and quietly went on to a series of slightly higher intraday highs of 1879.80 … The closing imbalance showed (14:00) MiM – MrTopStep Imbalance Meter showed $97M to the buy side before flipping to $230M to the sell side going into the cash close. The cash close traded 1878.70 area before settling at 1875.80, up 1.4 handles.

Eco calendar: http://www.investing.com/economic-calendar/