I hope all you fathers out there had a great day yesterday. SPI Futures traded in a 52 point range Friday night, with a high of 6595, low of 6543, and a close on Saturday morning of 6566, down 5 points, on volume of 10,522 contracts. Based on that range, my pivot point and R and S levels are below. Gaps from Friday night are up at 6576, and down at 6564 and 6561. Next one down from a previous day is at 6513, and next one up is at 6617.
DOW up .16 pct, SNP up .06 pct and Canada (resource driven) up .35 pct. VIX up 6.15 pct to 18.98, bucking the inverse correlation, which to me, usually signals a change, however, the US is closed tonight for Labour day (Labor day), so could have something to do with that, but then again, as Mister Trump said, “They’re on,” with 15% US tariffs on Chinese goods worth an estimated $110 billion kicking in, as did Beijing's retaliatory tariffs on about $75 billion worth of US goods. There was some hope of a delay, but apparently "It's on" - Popular shopping items are now being targeted. That could have an impact on consumer confidence at a sensitive moment for the US economy, but we shall see. Have a nice day, and it's RBA day tomorrow, plus Hong Kong protesters were sprayed with blue dye from water canons over the weekend. Never a dull moment.
Today in 1999, "Being John Malkovich" premiered in Venice. In this quirky cult-favorite comedy, unemployed New York City puppeteer Craig Schwartz (John Cusack) reluctantly takes a temp job as a filing clerk for the eccentric Dr. Lester (Orson Bean). While at work, Craig discovers a portal that leads into the mind of renowned actor John Malkovich. This would make a great film about trading. "Being Long and wrong" after finding a portal that leads into the mind of a great short trader pulling all the strings.. err, did I say short ? Oh, I get so confused.
(20min delay)