Monday March 11 - Basket case day

SPI Futures traded in a 43 point range Friday night, with a high of 6205, low of 6162 and a close this morning of 6190, down 14 points on better than lately volume of 12,525 contracts. Based on that range, my pivot point and R and S levels for today are below. DOW down .09 pct, SNP down .21 pct and Canada (resource driven) down more at .38 pct. VIX up 7.65 pct to 16.05. The SNP was down as much as 1 percent amid disappointing jobs numbers, so did well to close where she did. I'm having chart problems this morning, so will post a chart when the problem is sorted. I'm missing from midnight Friday onwards. Gaps up at 6285, 6271, 6265 and 6226. The one down at 6165 poofed last night leaving ones down at 6139. Can't comment on after midnight at the moment.

Today in 1986, 187.27 million shares traded on the NY Stock Exchange making it the fifth-largest trading day at the time. Advancing stocks led losing stocks by about 4 to 1. Analysts said the powerful advance was the result of the continued free fall in interest rates. The buying got a powerful push from the computer-assisted "buy programs" that large brokerage houses and pension funds use to profit from the difference between the prices of stocks and stock-index futures. By one informed estimate, $150 million to $200 million worth of stocks were bought during the day by brokerage firms engaged in "basket trades." Basket trading can be controversial because when it comes time to sell them, the programs can help take the market down just as sharply. Humm - sound familiar ? Basket trading or basket case ? Of course, a year later came the 1987 crash. Have a nice day.

	Column 1	Column 2
0	H	6205
1	L	6162
2	C	6190
3	R	43
4	R6	6229
5	R5	6218
6	R4	6212
7	R3	6207
8	R2	6202
9	R1	6196
10	PP	6186
11	S1	6175
12	S2	6169
13	S3	6164
14	S4	6159
15	S5	6153
16	S6	6143