Monday, 18th May -- Monday Funday, page-3

SPI Futures traded in a 85 point range Friday night (with anything below triple digits being rather normal these days), with a high of 5448, low of 5363, and a close on Saturday morning of 5436, up 32 points, on volume of 11,022 contracts. Gaps from Friday night are down at 5430, which is a 5 pointer (between 5430 and 5435), 5425 which is a 3 pointer (between 5425 and 5428), 5392, and at the bottom of the night range at 5365. The previous opening gap above at 5459 from May 12th is still outstanding, which she missed on Friday night by 11 points, so presumably it will fill today as I can't see any further bad news that occured over the weekend other than the usual, however, I could have missed something. The ES will know more when they re-open at 8 am, as they have had all weekend to digest the rather not so good economic data released Friday their time which I already posted on Saturday morning, but will post again below for those that had better thing's to do over the weekend now we can get out and about 'somewhat' with the slight easings of restrictions. Have a nice day.



Speaking of bad news... US industrial production 'plummeted' in April by the most since data collection began in 1919, (so therefore, the worst decline in 101 years), falling 11.2 pct. US Manufacturing output declined a record 13.7 pct, “as all major industries posted decreases,” according to the Federal Reserve. US Retail sales fell 16.4 pct in April, far worse than the 12.3 pct predicted. That news, plus renewed US-China tensions, initally took the SNP down 1.2 pct only to recover later in the day, ending up .39 pct, and the DOW up .25 pct. VIX down 2.21 pct to 31.89. Apparently, the market thinks the economic data can't get any worse. Oh really ? I heard once that the Titanic was an unsinkable ship.