SPI Futures traded in a 48 point range last night, with a high of 6711, low of 6663, and a close this morning of 6710, up 38 points, on volume of 10,953 contracts. Based on that range, my pivot point and R and S levels are below. The outstanding gap from yesterday at 90 filled, as did yesterdays mornings opening gap, leaving ones down at 6703 and 6668 from last night. Next one up from a previous day is 6717, and the next one down is at 6613.
In the headlines - China not happy with the US for meddling in Hong Kong democracy issues, and vow to 'fight back'. Well, what a surprise. It is now nearly six weeks since the phase one trade 'breakthrough' was reported, and still nothing has been signed, or it would seem, agreed upon. More tariffs to go into effect December 15 if no progress - a news report claiming Beijing had invited US negotiators to go there for face-to-face meetings being muted later by the Hong Kong issue - tick, tick, tick. Despite the 'Cautiously Optimistic' news comments yesterday, it would appear that it ain't goin' away. DOW down .20 pct, SNP down .16 pct and Canada (resource driven) down less, at .04 pct. VIX up 2.74 pct to 13.13. Have a nice Friday, the anything can happen day.
Today in 1955, RCA Records made its best investment ever, paying $35,000 to Sun Records for Elvis Presley's contract. Sun Records, a small Memphis label, was owned by producer Sam Phillips, who owing to financial pressures, sold Presley's contract to RCA Records. RCA's extensive promotion and distribution network helped make Presley rock 'n' roll's first superstar. RCA sold 12.5 million singles and 2.75 million albums during Elvis's first year with the label. True true, and to quote the King himself - "Truth is like the Sun. You can shut it out for a time, but it ain't goin' away."
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