Sep 162015
The Shanghai Composite index closed up nearly 5% late, yet the move in not reflected in the ES Globex session. The Euro Stoxx is in the green but primarily in line with the ES run up yesterday afternoon. Thursday’s FOMC announcement has markets in Fed wait mode, meaning subdued volatility. The DEC ES contract continues trading until Friday, so the DEC contract will continue to be whippy as the split volume is traded. The CPI numbers are the best chance to set a direction today. Size bias is down into the morning numbers.
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