When the "better than expected" jobs data came in, equity futures (alongside crude, precious metals, and bunds) promptly tumbled on fears the Fed rate hike, which many had expected would take place in September was pushed forward to July, or even the current month. However, starting with the market open, the E-mini has seen a relentless bid higher, and as of moments ago, it finally ticked into the green, covering nearly 17 points from the lows in less than an hour.
Why? We don't know, but we are eagerly looking forward to a blog post by Ben Bernanke, Citadel's most famous futures trader, explaining it all.
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Of course, with the market having "liquidity" issues and with Virtu's algos doing all the can to constantly trigger any and all trailing or otherwise ES stops, we wouldn't be surprised if 5 minutes from now, all the gains are gone and the ES is back at the day lows.
