SPI Futures traded in a 41 point range last night, with a high of 6595, low of 6554 and a close this morning at the low, at 6554, down 15 points on low volume (again) of 7,300 contracts. Based on that range, my pivot point and R and S levels are below. Gaps from last night up at 6593, 6586, 6584, 6575, 6568, 6563 and 6557, then the first gap down is at 6541 from a previous day, which was the opening day gap from June 19. Initial green bars at 7 pm taking SPI up 15 points on the "It's 90 pct done" Chine trade deal talk optimism news, then a red arrow two hours later, sending her back to the lows, filling the night session opening gap at 6569 (day session close). 90 pct means a 10 pct chance nothing will happen, and what does 90 pct done mean anyway ? The meeting is 90 pct confirmed, or there is a 90 pct chance they will talk, we have nailed it all down by 90 pct even though they haven't actually met yet ? Who knows - not much detail - just trade the chart, as it's possible the spin doctor is at work, but probable the red arrow knows a bit more, and let's not forget about the Iran tensions. I did notice the word 'are' has been replace with the word 'were', so, "we were about 90 pct of the way" - slightly different to "we are 90 pct done". DOW down .04 pct, SNP down .12 pct and Canada (resource driven) down more at .36 pct. VIX down.43 pct to 16.21, bucking the inverse correlation again. Last two days of trading before end of our financial year. Have a nice day.
Today in 1988, Mike Tyson knocked out Michael Spinks in 91 seconds at Trump Plaza in Atlantic City. The fight, billed as "Once And For All" was between two undefeated fighters, each with a legitimate claim to the heavyweight championship of the world. The winner would have sole possession of the title. The estimate take for the four days leading up to Tyson vs. Spinks was 344 million USD. Tyson received 22 million USD, the biggest purse every paid to a boxer at that time, and Spinks received 13.5 million USD. 91 seconds in a ring with Mike Tyson would seem like a lifetime. 91 seconds sometimes is all it takes to fill that gap - Poof and it's gone.
(20min delay)