Wow, who would have imagined that we would go down ES 45 points from 1910 in premarket in less than 2 hours. This kind of price action makes the VIX look cheap at 23. I covered ES during the early morning weakness, but remain short crude oil.
I will look to cover crude oil later and get long ES if we can get closer to support at 1860. The new range for ES appears to be 1860 to 1910 for the next several days. I remain a long term bear and expect us to eventually test 1820 again later this month or early March.
Treasuries are the place to be. But they will not let you in easily. You can feel the bond shorts getting squeezed in a vice. Treasuries will go bananas to the upside if we get that weak jobs report like I expect.
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