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Market Review:
A Tale of Two Contracts
This is a unique week for futures contracts. It only occurs 4 times a year. The September contract, which is no longer lead, is still trading. Last night the September contract in the ES opened at 4487.75. It is slightly higher than the July open of 4485.50. However, the December contract is the lead contract. It opened last night at 4536.50. Overnight volume with about an hour to go until the opening bell is telling. The December contract has traded over 217,000 contracts. The September contract has traded over 155,000 contracts.
Rollover is confusing. Which number are we paying attention to in which contract? Is it the open of the quarter at 4485.50 in the September contract? Is it the open of the month at 4516.75 in the December contract? That is our challenge as traders. Find out, and make it make sense.
ADBE reports Thursday after the bell. ADBE opened the year at 340.16. They opened the quarter at 486.39, and they opened the month at 564.80. This month ADBE has been up to 570.24 and down to 551.08. They closed the previous day at 564.50.
Past performance is not indicative of future results. Futures trading involves substantial financial risk.
Please consult your personal financial advisor before using this information for your own trading purposes.
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