SPI Futures traded in a 66 point range last night, with a high of 6701, low of 6635, and a close this morning of 6683, up 52 points, on volume of 13,586 contracts. Based on that range, my pivot point and R and S levels are below. The last of the upper gaps filled last night, leaving one gap up at 6698 and gaps on the downside at 6678, 6659, 6647, 6646, 6631 (last nights open), 6615, 6605 and 6591 (yesterday mornings opening gap).
In the headlines - The Missiles of October took off last night, and are still going up. Better than expected earnings (mostly) from the US banks and upbeat earnings from other earnings reporters sending a signal that the sky is not falling yet, sees the US markets up, with the DOW up .89 pct, SNP up 1.00 pct and Canada (resource driven) up less at .02 pct. VIX down 7.07 pct to 13.54. Eyes on Brexit now - again. Have a nice day.
Today in 1962, the Cuban missile crisis began as US President John F. Kennedy was shown photos confirming the presence of Soviet missiles in Cuba, 90 miles off the coast of Florida. What followed, was thirteen extraordinary days of tension and brinkmanship between the two rivals (Long and Short). For days the Kennedy cabinet debated in private about the situation, and on October 22, Kennedy went public with the crisis by announcing a 'quarantine' of Cuba - a carefully used word, since a blockade would technically be an act of war. Soviet ships attempted to penetrate the blockade but turned back, and a US spy plane was shot down over Cuba. After a long period of talks, Kennedy and Khrushchev agreed that the Soviets would withdraw the missiles in exchange for assurance that the US would not invade Cuba, as well as a secret deal that America would remove its missiles from Italy and Turkey. Hence the market phase 'The Missiles of October'. Oh, and what's that other saying ? Oh yeah, 'what goes up, must come down'
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