Wednesday 21st November - Where's Santa ?

SPI Futures traded in a 73 point range last night, with a high of 5681, low of 5608 and a close this morning near the low, at 5613, down 65 points on volume of 17,851 contracts, a fairly large amount for us. Based on that move, my resistance lines are 5707, 5689, 5679, 5671, 5662, 5652 the pivot point is 5634 and support lines are 5561, 5579, 5589, 5598, 5606 and 5616. No gaps below from last night, gaps above at 5650 and 5661 and then more from previous days including a morning session opening one at 5739, which seems a long way away at da moment, but hey, we have that Santa Rally to look forward to right ?. SPI Futures are indicating a 1.10 pct fall on the XJO today. Too much, too little ? Did futures do all the work last night, or is there more to come ? DOW down 2.21 pct, SNP down 1.81 pct, Canada (resource driven) down 1.31 pct. VIX up 12.59 pct to 22.63, VXD up 2.19 pct to 22.15 and VXN up 1.54 pct to 29.98 - still not in the scary zone - yet.

On this day ten years ago, the DOW recovered half of it's weeks losses and closed above 8,000. This morning she closed at 24,465. Also, on this day in 2008, Citigroup share price closed below 4 dollars, and today it is 62.53. If I was in a coma for the last ten years, I would be financially better off and probably thinner. Have a nice day.