Tuesday September 24 - Jailhouse Rock

SPI Futures traded in a 43 point range last night, with a high of 6736, low of 6693 and a close of 6724, down 6 points, on lowish volume of 9,268 contracts. Based on that range, my pivot point and R and S levels are below. Gaps from last night are up at 6731, and down at 6718, 6716 and 6709.

In the headlines - The usual suspects - Weaker than expected economic data in Europe, renewed fears about the trade war, worries about global growth, and geopolitical concerns surrounding Iran, saw gold and bond prices move higher. Palladium (Pd and atomic number 46) futures climbed to their highest level ever. The New York Federal Reserve adding liquidity for the fifth day in a row, with Fed President John Williams saying in a speech, "markets were not effectively distributing liquidity across the system."  You lend to me... No, you lend to me first. Humm. Not suggesting history will repeat, but as we approach the end of September, I do recall just before the 1987 crash, there was a liquidity issue and then, well, we all know what happened on October 19th. DOW up .06 pct, SNP down .01 pct and Canada (resource driven) down .19 pct. VIX down 2.68 pct to 14.91. Have a nice day.



Today in 1957, the 45 rpm single of the song "Jailhouse Rock" was released by Elvis Presley, which became the Billboard Song of the Year. The song had a film release of Presley's motion picture under the same name. The film version differs from the single version of the song, as it features backing instrumentation and vocals not heard on the record. According to critics,  the song was "decidedly silly", a kind of a "tongue-in-cheek goof", and that it's "amazing that the sequence passed by the censors". The King, however, sang it as straight rock & roll, overlooking the jokes in the lyrics, like the suggestion of romance when inmate Number 47 tells Number 3, 'You're the cutest jailbird I ever did see'. In 2004, the song was named one of The Rock and Roll Hall of Fame's 500 Songs that Shaped Rock and Roll.  I don't know about you, but gap number 3 is the cutest gap I ever did see.

	Column 1	Column 2
0	H	6736
1	L	6693
2	C	6724
3	R	43
4	R6	6761
5	R5	6750
6	R4	6744
7	R3	6739
8	R2	6734
9	R1	6728
10	PP	6718
11	S1	6707
12	S2	6701
13	S3	6696
14	S4	6691
15	S5	6685
16	S6	6675