ES Summary

If that's not a short squeeze, I'm not sure what is. Note the drop in ES only lasted about as long as after hours trade was still open so the shorts could pile in on the JPM news (which is another BlackSwan situation entirely). After AH closed ES was listless, one of the things we've thought is that a short squeeze wold need to be powerful and quick, it's not even noon and we have broken above yesterday's close, but are now near yesterday's highs and we didn't get any help from the Euro which is lower right now than it was yesterday, that means this move is disconnected from the legacy FX arbitrage, which means it's market manipulation.

Here's the SPY (green) vs the Euro (red)

Yesterday the market tracked the Euro fairly well, today the market is totally ignoring the Euro and doing as it pleases.

Just more information about the character and reality of Wall Street.