SPI Futures traded in a 31 point range last night, with a high of 6663, low of 6632, and a close at the top of the range, at 6663, up 26 points, on low volume of 6,857 contracts. Based on that range, my pivot point and R and S levels are below. Gaps from last night are down at 6652 and 6649. Next Gap down from a previous day is at 6608, and the next gap up from a previous day is at 6708, so 100 points between them. Nice.
In the headlines - China saying 16 types of US goods to be exempted from additional retaliatory tariffs ahead of a planned meeting in October - viewed more as a friendly gesture more than a turning point. 'The S&P 500 is now just a little more than 1 pct below its all-time high from earlier in the year. It has surged nearly 20 pct in 2019. The DOW and NASDAQ, which are up more than 15 pct and 22 pct respectively this year, are inching back towards record peaks too', followed by 'The bull market is getting a bit long in the tooth. It has gone on for more than 10 years with just a few corrections in the past decade to cool things off.' Yes, it depends on your view of the world. DOW up .85 pct, SNP up .72 pct and Canada (resource driven) up less, at .45 pct. VIX down 3.88 pct to 14.61. Have a nice day.
Today in 1964, "A Fistful of Dollars", directed by Sergio Leone and starring Clint Eastwood in his first leading role, premiered in Italy. An international co-production between Italy, West Germany, and Spain, it was filmed on a low budget, reported to be $200,000, and Eastwood was paid $15,000 for his role. The film's music was written by Ennio Morricone, and always makes me want to whistle. The film was the beginning of the Spaghetti Western genre, and was followed by "For a Few Dollars More" and "The Good, the Bad and the Ugly". Collectively, the films are known as the "Dollars Trilogy", or the "Man with No Name Trilogy". All three films were later released in sequence in the United States in 1967, catapulting Eastwood into stardom. Clint probably wouldn't get out of bed today for $15,000. To quote the Man with No Name, "A man's life in these parts, often depends on a mere scrap of information". Yes, the Man with No Name sounds like a trader. I can see it now - "A Fistful of Margin", "For a Few Points More", and "The Long, The Short, and The Uncomfortable", and will be known as "The Trading Trilogy" and "The Trade with No Name Trilogy", so grab your popcorn, as the show will commence at 09:50 today .
(20min delay)