SPI Futures traded in a 65 point range last night, with a high of 6777, low of 6712, and a close at the bottom of the range, at 6712, down 15 points on good for us volume of 18,780 contracts. Based on that range, my pivot point and R and S levels are below. When I woke up at 4 am, the US were up nearly 1 pct and by the time I switched the trading machine on, the US were down 1 pct. I missed my short by one point... boo hoo. Yes, she ran down that hole like a rabbit, with a 60 point drop-off leaving only one gap, up at 6720. Next one down is 6683, which does not look that far away at the moment. Next one up is 6783, which wasn't far away at 4 am, but looks a bit far away now.
Mister Trump, one day after a market dive, and just as the market was recovering, announced more tariffs on 300 billion dollars worth of Chinese products. Nice. Great timing Mister President. I guess he will blame that on the Fed for not cutting rates more.. humm. DOW down 1.05 pct, SNP down .90 pct and Canada (resource driven) down less, at .18 pct, so some hope for the XJO today. VIX up 10.86 pct to 17.87. All three Volatility indices were up double digits, the highest being VXD, which was up 16.45 pct. It's Friday the anything can happen day, and it does appear that anything can happen. Have a nice day.
Today in 1865, Lewis Carroll published "Alice's Adventures in Wonderland" -The tale of a young girl named Alice, falling through a rabbit hole into a fantasy world populated by peculiar, anthropomorphic creatures. Alice in Wonderland is sometimes confused with "The Wonderful Wizard of Oz", in which is the scene where Dorothy peeks behind the curtain to find that the Wizard of Oz is just some old guy called Humbug, pulling all the levers. Humm. Kind of like the market last night... humbug. Mister Trump should remember that song from the movie whilst pulling on those levers... If I only had a brain.
(20min delay)