[alleyb]

fair enough re your comment on 40k as a tipping point in volume.
Re: ES
Take yesterday Nov 13th and look at the break down of volume at price and one can see the buying that came in seems to have been roughly 100k net with an average at 1478. Then a quick glance today Nov 14th shows roughly 50k were sold today at an average of 1476 leaving the buyer net long 50k average 1480. So what apparently happened was that the buyers became a little exuberant at todays highs and were forced into chasing their tail. No doubt you will say this is conjecture or subjective and maybe there is an element but if you look at sells vs buys and look at statiscally high levels of liquidity then you can see that yesterday there were several instances of 20k on the way up per price but that today it was a maximum of 14k at one price but most were 10k or less. There is still some selling to be done whether on weakness or on a rally