So I got a slight clarification. He was saying the things Josh commented on. But also his belief that the big money, fast money traders have probably moved to CFDs. CFDs (contract for difference) This is a European instrument. 2% And he says right now the big money is mostly coming in from Europe. So that there is probably less action in the ES.
And that the action in the ES might continue to decrease because of the reasons he sighted
He did not necessarily mean that I should not trade the ES. At least for now.
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The question on futures vs. CFD is, do you want to trade a regulated instrument or an OTC one? Do you want to see actual transactions and volume, or a spot price by a dealer? It's similar to currency futures vs. forex, except that the forex market is much larger of course than CFD.
Personally, I stay away from forex and OTC markets because I actually like to know that I am trading in a regulated environment that is not subject to as much, shall we say, bull s*** as in OTC.