At least the market is staying above the 2010 open for now. On the cash index, 1150 is resistance. Looking at the 5 min chart of yesterday's cash index, you can see that once the market traded below 1150, it was an accelerating down hill slide from there. After the NYSE slowed down trading to allow liquidity to catch up with the market orders, the rapid computerized trading community decided to seek trades at the NASDAQ, which wasn't able to provide the necessary liquidity resulting in some bizarre fills at very low prices.
We may see poor liquidity again today. The overnight high and low are 1135.50 and 1113.50.
Charles
Agree. Lack of liquidity nicely shows $PREM chart. Do think the drowndawn happened cause of poor coordination of NYSE w/ electronc platforms and Nasdaq. And of course Nyse 90 seconds slowdown was a mistake.
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