Tuesday May 14 - Atom Bomb day

SPI Futures traded in a 53 point range last night, with a high of 6290, low of 6237 and a close this morning near the bottom, at 6243 down 54 points on higher than lately volume of nearly 15,000 contracts. Based on that range, my pivot point and R and S levels are below. The night session opening gap did not fill, and gaps from last night up at 6250, 6281 and 6297; Gaps down at 6240, 6211, 6201, 6191, 6182, 6174 and 6166. China retaliates and imposes tariffs on 90 billion of US goods, although I also read 60 billion, but whats a few billion between friends.. DOW down 2.38 pct, SNP down 2.41 pct and Canada (resource driven) down much less, at .64 pct, so hope for the XJO yet, and probably why SPI isn't down more. VIX up 28.18 pct to 20.55, not good for those hedge funds that are short volatility - yeah right.  Since the first morning gap appeared on the ES and the SPI on May 6th, the ES has been down 5 pct (the low), and the SPI has been down 2.18 pct (the low) so, we are not doing too bad at the moment, but will that continue, that is the million dollar question. I have been short for a while now with a take profit target of 6201, and have not been hit yet. I am rather surprised, but then again, Mister SPI is full of surprises. However, I think today might be the day.. Watch the open of the ES futures for a clue. Have a good one.




Today in 1965, the second Chinese atom bomb explosion occured. Looking at the markets this morning, you could be forgiven for thinking that it happened last night..

	Column 1	Column 2
0	H	6290
1	L	6237
2	C	6243
3	R	53
4	R6	6310
5	R5	6296
6	R4	6289
7	R3	6283
8	R2	6277
9	R1	6270
10	PP	6257
11	S1	6243
12	S2	6236
13	S3	6230
14	S4	6224
15	S5	6217
16	S6	6204