Winning Streak Comes to a Halt

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Our View

I tried very hard not to get into the sell-the-rallies and buy the pullback leans because the ES was just not pulling back. 

At the same time, I had a feeling the ES was long overdue for a drop, but I had no idea the futures would fall as much as they did and as fast as they did. I am not sure why it took so long, but I think it has to do with all the money being put to work at the end of the year. 

Yesterday afternoon’s option flow didn’t help matters, as short-dated expirations helped drive the decline. This article sums it up quite well.