Tuesday, 30 October 2012

Overnight ramp - indexes back to flat

Overnight futures turned after midnight, with a swing higher of 18 sp' points, we're back to effectively flat on most indexes. There is noticeable dollar weakness.



It is currently unknown if we will open Wednesday. There are end-month institutional reasons why some want the market open, and some options expire (I believe).

We might get a 3-4 hour electronic session tomorrow.

Yet, considering the subway flooding, and so many other issues, I'd not be surprised if they wait a few extra days, even into next week.

RE: futures, we were trading down to effectively sp'1399/98 last night, so the important Sept'3rd low has not yet been breached, even in overnight futures.

Bears need to see a clear drop of sp'16 points to break the key level.

More later...once we get the next NYSE update* - MARKET STATUS

*the NYSE seem to be missing their website editor though, they've not even updated their page since the Sunday night update.