Monday again. SPI Futures traded in a 77 point range Friday night, with a high of 6647, low of 6570, and a close on Saturday morning of 6615, up 34 points, on volume of 21,186 contracts. Based on that range, my pivot point and R and S levels are below. Gaps from Friday night are down at 6606, 6601 and 6592, then down at 6564 from a previous day. Gaps up from a previous day, are at 6683 and 6699.
In the headlines - US and China reaching a partial, initial trade deal. Well, they had to really didn't they ? It was hard to keep up with the headlines. Nothing in writing, just 'words' like 'substantial' so far. We shall see. Focus turns back to earnings, with the big banks reporting this week in the US, with Tuesday being Citigroup, Goldman Sachs, JP Morgan Chase and Wells Fargo and Wednesday being Bank of America. Earnings expectations are low. Lower interest rates not good for banks, plus a price war seeing every major online broker eliminate commission fees on stock and ETF trades, which is not good for those relying on retail trading commissions. Brexit in focus too, that's hard to keep up with too, and then there is the 'Impeachment' issue, to impeach or not to impeach, that is the question. DOW up 1.21 pct, SNP up 1.09 pct and Canada (resource driven) down .05 pct. Note the down bit. VIX down 11.48 pct to 15.58. Keep an eye on the open of the ES futures this morning for a clue. Have a nice day.
Today in 2007, "Keeping Up with the Kardashians" featuring Kim, Khloé, and Kourtney Kardashian premiered on the E! cable network in the US. The 'show' has received very poor critical reviews since its premiere. Often criticized for the high degree of emphasis on the "famous for being famous" concept, and for appearing to fabricate some aspects of its storylines. Critics also note the show's lack of intelligence. Oh really ? Probably why I only watched about 10 minutes of it. Couldn't keep up...We should make our own show, "Keeping up with the Traders" Streaming live, 24 hours a day, 7 days a week if you trade Bitcoin..err, Bitcon.
(20min delay)