SPI Futures traded in a small 25 point range last night, with a high of 6647, low of 6622, and a close this morning of 6632, down 9 points, on low volume of 6,697 contracts. Small range, low volume, usually means a larger move during the day. Every now and then, you get the elusive gap, that teases you, but doesn't fill. That gap is now 6610, getting close to a poof, but no cigar. I think today is the day, but then again, I thought yesterday was the day too. Gaps from last night are up at 6646, 6641 and 6636.
In the headlines - Interesting, but not market moving - JPMorgan have created an index to track the impact of Trump's tweets on US interest rates. The "Volfefe Index," an apparent play on the words volatility and "covfefe" (a tweet that launched a social media frenzy back in 2017). Analysts have found that Trump's tweets have significantly increased volatility. Oh really ? You don't need to be an over paid Wall Street guru to know that. Interest rate cut expectations keeping the markets flat to up, with the DOW up .14 pct, SNP down .01 pct (flat) and Canada (resource driven), down .24 pct. VIX up 1.80 pct to 15.27. Have a nice day.
Today in 1945, Mike the Headless Chicken, aka Miracle Mike, was decapitated in Fruita, Colorado, and survived for 18 months without his head. Although the story was thought by many to be a hoax, the bird's owner took him to the University of Utah in Salt Lake City, to establish the facts. It was determined that the axe used to remove his head, had missed the jugular vein, and a clot had prevented Mike from bleeding to death. Although most of his head was severed, most of his brain stem was intact. Since basic functions (breathing, heart rate, etc.) as well as most of a chicken's reflex actions are controlled by the brain stem, Mike was able to remain quite healthy. Mike was put on display to the public for an admission cost of 25 cents. At the height of his popularity, the chicken's owner earned USD 4,500 per month (USD 50,500 today). Mike was valued at USD 10,000, and was featured in both Time and Life Magazines. Unfortunately, in March 1947, at a motel in Phoenix, on a stopover while traveling back from tour, Mike choked to death on a kernel of corn. His legacy lives on, as Mike the Headless Chicken is now an institution in Fruita, Colorado, with an annual "Mike the Headless Chicken Day". Events held include the "5K Run Like a Headless Chicken Race", "Pin the Head on the Chicken", the "Chicken Cluck-Off", and "Chicken Bingo". Arba A. Gleen wrote a poen entitled - yes, you guessed it, Miracle Mike, The Headless Chicken, which ends with the following lines:-
I’m well and happy as can be,
I stand around for folks to see.
Although I haven’t got a head,
I’m better off than if I’m dead!.
Yes, traders run around like headless chickens sometimes too, waiting for that miracle to happen. I wrote a poem too..
I'm well and trading as best can be,
I post my charts for all to see.
Although I sometimes lose my head,
I'm better off just staying in bed.
And, did I just read 50 grand a month ? Where's that axe.. ?
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