Wednesday April 24 - Junk Bond day

SPI Futures traded in a 39 point range last night, with a high of 6338, low of 6299 and a close this morning at 6323 up 14 points on lowish volume of 8,548 contracts. Based on that range, my pivot point and R and S levels are below. Look at that SPI go ballistic. It's amazing. "We're on vapours Mav"... Humm. Gaps up at 6337, 6336 and 6331 and down at 6321, 6305, 6302 and 6297 and the rest, but that will probably do for today. DOW up .55 pct, SNP up .88 pct and Canada (resource driven) up .56 pct. VIX down 1.13 pct to 12.28 - Nice - The World is healed, until it's junk again.



Speaking of Junk, today in 1990, Michael Milken, developer of the high-yield junk bond, pleaded guilty to 6 felony charges of violation of U.S. securities law, as a result of an insider trading investigation. Milken was sentenced to ten years in prison, fined $600 million, and permanently barred from the securities industry. He could afford the fine, as while head of the high-yield bond department at Drexel Burnham Lambert in the late 1980s, his compensation exceeded $1 billion in a four-year period, a new record for U.S. income at that time. His jail term was later reduced to two years for cooperating with testimony against his former colleagues and for good behavior. It was later said that Milken took the vast sums trapped in old-line businesses and put them back into the markets via his junk bond auctions. Also on this day in 1995, the Dow Jones Index hit a record high of 4303.98. Today it closed at 26,656.39. I probably would have bought the junk bonds - for safety reasons. Have a nice day.

	Column 1	Column 2
0	H	6338
1	L	6299
2	C	6323
3	R	39
4	R6	6359
5	R5	6349
6	R4	6344
7	R3	6340
8	R2	6335
9	R1	6330
10	PP	6320
11	S1	6310
12	S2	6305
13	S3	6301
14	S4	6296
15	S5	6291
16	S6	6281