Opening today's thread early, as heading out the door soon. I'm sure somebody can post a chart and levels after the night session closes. As I type, SPI Futures has traded in a 44 point range, with a high of 6631, low of 6587, and a last traded price of 6609, up 9 points, on volume of 10,885 contracts. Gap up at 6623 and down at 6601 from last night and down at 6552 and up at 6708 from previous days.
In the headlines - The market relieved to see trade talks back on in October between the US and China. Private payrolls for August beats expectations at 195,000. Jobless claims for the week ending August 31 came in just above expectations at 217,000. US Jobs report tonight, which is expected to show some weakness thanks to the summer lull and the trade war. DOW up 1.57 pct, SNP up 1.43 pct and Canada (resource driven) up less at .77 pct. VIX down 7.73 pct to 15.99. Have a good Friday, the anything can happen day.
Today in 1916, the first true supermarket, the "Piggly Wiggly" was opened by Clarence Saunders in Memphis, Tennessee, and was the first true self-service grocery store and the originator of various familiar supermarket concepts, such as checkout stands, individual item price marking and shopping carts. The concept of the "self-serving store" was later patented by Saunders in 1917. Saunders was "reluctant" to explain the origin of the company's name. Someone once asked him why he had chosen such an unusual name for his organization, to which he replied, "So people will ask that very question" In November 1922, Saunders attempted a squeeze on the substantial short interest in Piggly stock, running the share price up from 40 to 120 and profiting by millions on paper. disallowed responded by deciding that a corner had been established in Piggly Wiggly and removed the stock from the Board, eventually forcing Saunders to turn over his assets to the banks that had financed his leveraged position. Saunders reputedly lost nine million dollars in the attempted corner. So there you go, you can't squeeze a short Wiggly Piggly into a corner.
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