precarious wednesday, page-3

Despite my thoughts that new highs were unlikely to be made last night, DJIA did and now the magical 99 cal days up from the June low.

SPX failed by a single point.

The US market does looked tired to me but...

Sep was bad in 2007 but usually markets hang in there till post expiration which is Thurs next week and SPX the following day.

In fact first week of Oct is often a top which might agree with the 99 for SPI on Oct 2.

First day or two of a new quarter is pension and super inflows.

So I wouldn't be surprised about some jockeying around for the rest of the month. Possible even to see an odd index poke up.

In 1987 SPI made a high first week of Oct because of new contract but XJO didn't go close.

Almut has me a bit nervous :-)

Of course if we just plow higher in the US then I can forget 99/56.

The pattern doesn't happen every year of course!