S&P 500 Emini Day Trading Gap Friday December 11, 2009

S&P Emini 500 Futures gapped up this morning 7.00 points.  The gap is based on the swap to the March 2010 Emini Futures contract.  The switch always skews volume and pricing, but it’s easiest to use the new contract as a reference point.  The contract changeover is always ambiguous.  Many traders avoid trading on changeover day, since many still trade the preceding front month, and many transition to the new front month.  Trading did stay within a narrow range today, and the news released pre market was pretty much a non event.  Market direction remains undetermined.