Happy Halloween. SPI Futures traded in a 35 point range last night, with a high of 6684, low of 6649, and a close this morning of 6676, up 6 points, on volume of 10,449 contracts. Based on that range, my pivot point and R and S levels for today are below. Gaps from last night are up at 6681, 6682 and 6683, then 6686 from yesterday and down at 6661 from last night and then 6631, 6629, 6620, 6612 and 6609 from a previous day.
In the headlines. The US Fed cut it's benchmark interest rate for the third time this year 'as the US economy continued slowing amid ongoing trade disputes and weak global growth'. They also dropped the phase ‘will act as appropriate' from their statement, and said further rate cuts are on 'pause', which won't make the 'we want more crew' very happy. However, they also said they won't raise rates until they see a significant rise in inflation. Given the economic conditions, that probably won't be anytime soon. DOW up .43 pct, SNP up .33 pct and Canada (resource driven) up more, at .51 pct. VIX down 6.59 pct to 12.33, which is getting into the complacent zone. Have a nice day.
Today in 1981, saw the first live US radio drama, "Halloween Story on NBC", coincidng with John Carpenter’s "Halloween" being shown on television for the first time ever, as part of NBC’s Friday Night at the Movies series. The NBC broadcast was on the same night as Halloween II’s theatrical debut which was a box office success, grossing over $25 million domestically. The original 1978 movie grossed $70 million, becoming one of the most profitable independent films. The plot of the sequal followed up on the original plot, but now a grown up Michael Myers is shot and falls off a balcony. Taking shelter to recover from his injuries, Michael steals a kitchen knife from the home of an elderly couple, and kills a teenage girl living next door. As you do, as you do. What did Michael look like? The boogeyman - as opposed to KC and the Sunshine Bands song - "I'm your Boogie Man" . Oh, and doesn't KC look like Jim Carey ? True, true.
(20min delay)