Discussed yesterday the historical seasonal norms after the market trades to its Memorial Day weakness– which were evident with the brief rally yesterday. Going to put together a table of the June calendar rallies for tomorrow’s Daily. I did not site the weekly internal trends from last week in the Weekly report and I apologize. Volume fell last week 33% in average daily volume versus the previous week (last week average daily volume over 444,188 contracts versus the average daily the week before 663,043 contracts). Remember the previous week was the weekly reversal discuss then. Open interest declined last week by 30,418 positions (recognizing there was a contract expiration). As discussed previously– follow the volume trends in the near future.
