SPI Futures traded in a 36 point range last night, with a high of 6662, low of 6626, and a close this morning of 6658, up 28 points, on low volume of 9,556 contracts. Based on that range, my pivot point and R and S levels for today are below. Gaps from last night are up at 6660, then 6672 from yesterday and 6702, 6704, 6705, 6713 and a few more from a previous day, and down at 6652, 6650 and 6639 from last night, then 6613 from a previous day.
In the headlines - Yawn. That US-China "phase one" trade deal agreement we have been reading about, well, apparently it's still being worked on, and the 'signing' may be pushed back to December, possibly in London. Some stalling tactics in play maybe ? On the Earnings front, of the 383 SNP companies that have reported so far, nearly three quarters have beaten 'lowered' profit expectations - note the word 'lowered'. NAB cuts it's final dividend. DOW flat, SNP up .07 pct, and Canada (resource driven) up more, at .38 pct, so some hope for the XJO today. VIX down 3.66 pct to 12.62. Have a nice day.
Today in 1872, the Cargo ship Mary Celeste set sail from Staten Island for Genoa, Italy. Four weeks later, the ship was discovered adrift and deserted in the Atlantic Ocean, off the Azores Islands, in a dishevelled but seaworthy condition, with her lifeboat missing. The last entry in her log was dated ten days earlier. Her cargo of denatured alcohol was intact, and the captain's and crew's personal belongings were undisturbed. None of those who had been on board were ever seen or heard from again. Hypotheses for what occured, include the effects on the crew of alcohol fumes rising from the cargo, submarine earthquakes (seaquakes), waterspouts, attack by a giant squid, and paranormal intervention. Yes traders, at 4 am in the morning my trading room sometimes looks like a Ghost Ship, with half eaten sandwiches, half drunk cans of coke, and the only sound being the second hand ticking on the time zone clock. Kind of spooky, just like the story of the Mary Celeste..
On the Earnings front, of the 383 SNP companies that have reported so far, nearly three quarters have beaten 'lowered' profit expectations - note the word 'lowered'. NAB cuts it's final dividend. DOW flat, SNP up .07 pct, and Canada (resource driven) up more, at .38 pct, so some hope for the XJO today. VIX down 3.66 pct to 12.62. Have a nice day.
(20min delay)