Monday August 5 - Handicap

SPI Futures traded in a 58 point range Friday night, with a high of 6742, low of 6684, and a close on Saturday morning of 6708, up/down zero points (flat), on volume of 17,704 contracts. Based on that range, my pivot point and R and S levels are below. The outstanding gap at 20 filled, leaving gaps from Friday night up at 6717 and 6731, and down at 6688. SPI did well to close flat, and at one point during the early evening session, was going up for the 20 gap, whilst the ES was going down. Let's see what the ES does upon their open in 45 minutes. I'm 'thinking' we have a nice opening gap this morning at our open.

China talking retaliatory measures if Trump imposes his new tariffs. Europe mostly down in the 3 pct mark, but more than likely due to an overreaction and catch-up to the previous down day in the US, as they only catch half the US markets due to time frames, and during the previous European session, the US were up 1 pct and then ended down 1 pct whilst European markets were closed. DOW down .37 pct, SNP down .73 pct and Canada (resource driven) down .64 pct. VIX down 1.46 pct, bucking the inverse correlation. Have a nice day.



Today in 1957, the comic strip "Andy Capp" made its debut in the Daily Mirror. Andy is a working-class figure who never actually works. The title of the strip is a pun on the pronunciation of "handicap", and the surname "Capp" signifies how Andy's cap always covered his eyes along with, metaphorically, his vision in life. Yes, kind of like traders who never actually trade, and/or blind themselves to what is actually happening in front of them owing to a 'vision' of what should be. Andy spends most of his time in the local pub, and if anyone suggests he get a job, his response is always very terse and along the lines of 'Don't be so ridiculous!' Yes, just like when somebody suggests the market is going down.. Don't be so ridiculous. Then down she goes..

	Column 1	Column 2
0	H	6742
1	L	6684
2	C	6708
3	R	58
4	R6	6769
5	R5	6755
6	R4	6747
7	R3	6740
8	R2	6733
9	R1	6726
10	PP	6711
11	S1	6697
12	S2	6689
13	S3	6682
14	S4	6675
15	S5	6668
16	S6	6653