Index futures are getting smashed tonight, but we’ve seen this sleazy Sunday shakedown so many times before that I won’t even bother to caution bears about what could come next. The whole point of these quasi-criminal maneuvers, which occur nearly every Sunday night, is to exhaust sellers on extremely light volume so that there will be nothing to impede the all-but inevitable short-squeeze when it’s time to spring the bear trap. In any event, check for ES tout updates overnight, since I will try to qualify the downside potential very precisely
