Trader's Daily Notebook: Market Is Heavily Into Vacation Mode

If you weren't sure what mid-July trading in the E-Mini S&P 500 futures (Es) looked or felt like, just review Thursday's regular-session auction. With roughly 785,000 contracts changing hands over an incredibly narrow eight-handle range, there's no doubt we're in prime vacation season.

Thursday's lack of volume notwithstanding, it's worth noting the SPDR S&P 500 Trust (SPY) came within 20 to 25 cents of an all-time closing high. Think about that for a moment. We tested and rebounded smartly from the 50-day moving average on Tuesday. Folks on TV and in the Twittersphere began to panic about the sudden onslaught of selling. And yet here we are. Spitting distance from new highs....781 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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