I wish that I can say that I took advantage of that large move late in the afternoon, but I didn't. On the plus side, I also had no thoughts of shorting the market in the afternoon. I just had little faith that the market was going to move very far to the upside. Even though the Financials were strong relative to the rest of the market all day, the rest of the market showed little inclination to move up. My thoughts were that the market was going to remain a narrow range day.
These large moves typically involve large traders being on the wrong side of the market when it decides to start moving. After 1330 ET, the market remained above May's high pivot ( 929.50 ), but below the 0930 ET open ( 933.75 ). After the Energy market close at 1430 ET, the $TICK started to become more volatile with the overall momentum favoring the longs. After the 1515 ET bell, longs took control of the market with shorts covering as fast as they could.
Charles
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