The down turn in the market at 12:30 CST is being attributed to Wal-Mart (WMT). They are said to be reducing orders from suppliers because of mounting unsold inventory in the US. Reports indicate the company is considering reducing supplier orders for Q3 and Q4.
Shortly after the statement was released the company said: Earlier press report about inventories was “misleading… Walmart is constantly managing inventory levels, inventories change all the time.”
Tricky trade today. We were stopped out of a short ESZ3 position for small loss just before the news hit the tape.