Continuing to track market leadership, we have seen various sectors take the baton and run during the last few, Fed-influenced years. As someone who cut his teeth in the rugged bond pits of Chicago, I will always have a Treasury ticker in view. But lately, we have been laser-focused on the Nasdaq—and Nasdaq-100 futures specifically.
Since the June 24 equity lows, the Nasdaq-100 has indeed been a market leader. It logged a 8.8 percent gain from those June lows to the early August highs—compare that to the Dow's 7.7 percent gain and the S&P's 5.9 percent rise. Since those high prints, the thin, whippy August trading environment has eroded 4.5 percent off the Dow and 3.8 percent off the S&P, but the Nasdaq e-mini has dropped a mere 2.5 percent.
(Read more: S&P presents 'amazing opportunity' for traders: Pro)