Early Market Update

This is why patience pays, especially when dealing with start of the week / overnight futures (about as low volume as you can get).

Take a look at ES right as the regular hours markets opened at 9:30 and real volume came in to the Index futures.

5 min chart of ES showing yesterday's gap up as the start of the new futures week opened, however the largest loss since futures opened for ES came in the first 30 minutes of trade.

Keep in mind that this move down was after the additional good news for the QE-I.V. fed market of the 5th consecutive miss in Industrial Production at 9:15 this morning and perhaps even better or just as good, the NY Empire F_E_D hit a second consecutive miss with the employment sub-index getting whacked hard, that's a lot of bad news and for the QE enamored market, BAD NEWS IS GOOD NEWS, they think it will force the F_E_D to stay its hand on the Taper, but the market fell and in early a.m. trade very hard on this ADDITIONAL GOOD NEWS.

Nothing is ever as it seems in the market, this is why I would never choose to make a decision about a trade or a position based on what price is doing without any  real information, if you stopped out this morning in early trade, you just got taken for a ride.