After the morning bounce, the S&P 500 action was very dull today. Price slowly dropped into the close and cratered in the after hours to just 2pts above the day’s low. In fact, the SPY failed one penny away from yesterday’s high. I mentioned in last night’s ETF Rewind Pro newsletter that I had some limit order shorts 1pt above yesterday’s high — once again they were not filled even as we tested/failed in the same area again today. There is probably a good lesson in using more advanced order-types there for me, which I will write about in a future post.
Combine that with the unusual after-hour action and the rampant index put buying today, and today’s action smelled “market maker” fishy to me. Maybe the action was due to options expiration and the very low volume, but it sure gives me a bearish sense. Perhaps a lousy jobless claim number has been leaked or is anticipated?
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