Danny Riley is the CEO of MrTopStep. He has worked in the futures and options industry for 33 years, beginning in 1979 as a runner in the Chicago Board of Trade grain room. He then moved into the CBOT¿s bond room, where he worked for several traders in Market Wizards. He moved to the Chicago Mercantile Exchange¿s S&P 500 pit, where he went on to build the single largest volume desk in the index. Riley¿s S&P operation handles some of the largest accounts in the business, including some of the largest bank and hedge fund trading desks. For nearly 10 years Riley did all the UBS program trading business, and is considered an expert in the field of program and algorithm trading. He has been part of every major stock market event since 1985.
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Our view is to sell the early rally and buy weakness, keeping in mind what's happened on the close the last two days.
Is it possible to see some profit-taking in late December? Sure it is, but we just do not see this train coming off the tracks anytime soon.