SP 500 Futures - Gap Filled Intraday - The Gathering Storm

The gap in the SP 500 futures continuous chart that we left behind a few weeks ago has just been filled intraday.

As a reminder this is a stock option expiration week.

I imagine a lot of enthusiastic call buyers have just been smoked out of their seats.

The tension on the tape the last few days was palpable. It just took some small event to trigger it. I don't think impeachment is on the table for President Trump, except in overheated Democratic rhetoric.

Although I could not rule anything out while The Donald has access to twitter.

The NDX has a quite a way to go to close its gap, but that is another matter. For my purposes the SP 500 futures are the bellwether.

I have pulled in my short positions, and just left some other risk off positions run, mostly in gold. No silver.

The 'big one' for the markets, if and when it comes, will probably involve the $222 trillion dollars in derivative exposure, the vast majority of which is being held by just ten of The Banks. See chart below.

Not to mention that private debt levels in the US has rebounded to reach a new all time high.

And the average growth in loans exceeds the average growth in hourly wages. Thanks to Tony Sanders for that chart below.

I know. Let's deregulate The Banks even more and hand out tax breaks to the one percent!