This is what I meant when I said the end of day ramp had no support, even on an HFT flash crash or ramp, they generally take 30-60 minutes to accumulate the shares they'll run in 1-5 minutes and sell, here there was nothing like that, no warning, no signs of accumulation before the move on the fastest timeframes and nothing before hand that would support that move. I don't have a clue why it was run, maybe like I said to lock in longs with some confidence and they would likely have trouble getting out that fast, they likely couldn't even make up their mind as to what was happening that fast. Maybe it was op-ex related, I did note the very suspicious close of SPY $142.05- $.05 is enough to cause a bunch of contracts to expire worthless and leave them unexerciseable; S&P $1416.06 (6 cents actually can make a difference with options); the DIA $130.10 (10 cents); IWM $82.11 (11 cents) and the most suspicious,
AAPL at $584.98 which trades options in $5.00 increments, so in that case 2 CENTS!!!
Whatever it is, this is another fine example of why the market needs to be reformed. These kinds of moves have nothing to do with value, price discovery, or anything remotely close to the reason we have a stock market, it's a playground for whoever has the fastest machine and is located closest to the exchange (which exchanges charge money for-can you believe that?).
DIA with earlier positives that made very small moves, nothing at the 3 p.m. low. 1 min.
DIA 2 min leading negative, nothing in the area.
DIA 3 min, nothing in the area.
QQQ 1 min leading negative
2 min exactly in line.
3 min in line
SPY 1 min nothing in the area
2 min leading negative
I don't think it was a stop run because the candle with the yellow arrow is the high.
3 min leading negative in the area.
Strangely though AAPL's 3 min does have something that stands out. Remember I said you might get a little higher price in to the closing trade?
Right in the area, the right time to lift it.
Go figure?
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