Last week we were starting to put some structure in and finally had a week where the positive news was keeping the negative outlook in check. However this week a series of actions on a large future exchange along with a long weekend has resulted in another volatile week. From a news perspective this week there were a few major stories that captured headlines. However the big story was the quarterly closing of a major futures contract. 

Let’s recap where we are and what the future may bring. 

OKcoin quarterly contract manipulation: Between 5:40am and 6:10am on Mar 30, 2018 (Hong Kong Time) there was a group of users who executed a series of trades to manipulate the closing price of the quarterly futures contract on OKCoin. They succeeded and it sent the price of the contract well below the spot price at the time.