SPI Futures traded in a 31 point range Friday night, with a high of 6647, low of 6616, and a close on Saturday morning of 6631, down 7 points, on low volume of 8,782 contracts. Based on that range, my pivot point and R and S levels for today are below. Only one gap from Friday night, and that's at 6633. The opening gap from Friday morning is still there, down at 6610, which will probably fill today. Next gap up from a previous day is at 6708.
In the headlines - US solid jobs report.. err, really ? Friday morning's jobs report showed 130,000 jobs were added, missing expectations and providing further evidence of a slowdown in hiring. Private payrolls grew at the weakest pace since May, however the unemployment rate held steady at 3.7 pct, near the lowest level in the past 50 years. Fed Chairman Powell didn't offer indications on the central banks plans in remarks at an event at the Swiss National Bank, but did say the Fed did not see a recession coming (Charterboat, what charterboat ?), but the economy is facing significant risks, pledging that the central bank would act as appropriate to ensure expansion keeps going, so probably a glass half full, glass half empty kind of situation. China's exports fell, and the central bank cut banks' reserve requirements... humm. DOW up .26 pct, SNP up .09 pct, and Canada (resource driven), down .24 pct which is probably why SPI didn't do much on Friday night. VIX down 7.81 pct to 15.00. Have a nice day.
Today in 1945, the first "bug" in a computer program was discovered by pioneering computer scientist Grace Hopper. A moth was removed with tweezers from a relay, and taped into the log. Grace was one of the first programmers of the Harvard Mark I computer, used in the war effort and the Manhattan project from 1944, and went on to invent the first compiler for a universal computer programming language. Credited with coining the phrase 'debugging' after removal of the moth, owing to both her accomplishments and Navy Admiral rank , she was often referred to as "Amazing Grace". The USS Hopper, a Burke-class guided-missile destroyer was named after her, as was the Cray XE6 "Hopper" supercomputer. In 2016, US President Barack Obama posthumously awarded Grace the Presidential Medal of Freedom. Yes Grace, I think my trading computer needs debugging too, as I seem to lose market data just as the market opens, and just as the market closes. It's amazing. It really bugs me, and makes me hopping mad, so instead of using a set of tweezers to remove the bug, I might just use a hammer, and then go get hammered..
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