– A Stunned Wall Street Reacts To Today’s Epic Move (ZeroHedge, Oct 15, 2014):
The first report summarizing today’s stunning market action comes from FBN’s Jeremy Klein, who is out with this blurb:
In the first 15 minutes of trading the S&P 500 E-Minis traded below the S&P 500 cash index despite a fair basis, according to Bloomberg, of -6.72. This is unheard of and something I have never witnessed in my near fourteen year career on the Street. I can only conclude that many large institutions threw in the towel on the Open in wake of the dislocations in not only stocks but also treasuries.
As a result of the whiplash, Klein, who just over a month ago first, and so far only, called for a bearish correction, has turned bullish again because he now expects “a likely positive Fed meeting on October 29 to help fuel a Santa Claus rally.” So, QE4 then?
Possibly related info:
– Did Today’s ‘Satan Signal’ In S&P Futures Give The ‘All-Clear’ For Selling To Begin? (ZeroHedge, Oct 9, 2014):
… “someone” canceled-and-replaced orders for 666 contracts 26 times in the 1130ET to 1200ET period …