Monday 29 October 2012

US Markets Closed Tuesday

The US markets will remain CLOSED Tuesday, and 'might' open for limited hours on Wednesday.



NYSE updates - MARKET STATUS

Futures:

The ES currently frozen @ 1400,  -7pts.

So, we're currently set to open @ 1405, although I expect a further drop in overnight futures.

Oil, and the broader commodities are all considerably lower, and this indicates further falls in the indexes are very likely.

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Something to consider..'if' we can open for Wednesday

Sp'monthly, rainbow


Summary

If we do open Wednesday, if only for a few hours, it will be a very important morning.

Bears should be seeking at least a test of the monthly 10MA, currently @ sp'1379. However, that is a pretty steep 33pts lower.

It IS viable for a gap down of that size, although we could instead open down 20/25, and melt lower into the closing hour around 1pm (if we're even open!)
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*we have key econ-data, the Chicago PMI - due Wednesday morning, I still expect that to be released.

However, the Friday jobs data now looks likely to be delayed into next week...probably AFTER the US election.
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More later today, especially if the Futures can more decisively take a cliff dive overnight.
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UPDATE 3.50pm - Futures will open up at 7pm EST...as normal

UPDATE 6.14pm (EST) - Futures, ES -5 @ 1397.

Certainly nothing dramatic so far. I'll only get a little excited if we can trade into the low 1380s by the morning.

UPDATE 9.47pm: (unsubstanciated rumour) via CNN, US NYSE trading room floor.. water level: 3ft.

This is pretty bad, and I can't imagine the bigger implications. The chances of opening this week just dropped significantly. Urgh.

UPDATE 10.19pm - seems the CNN report was entirely wrong. NYSE is still dry..the bull has not drowned. Futures are still weak though, ES is 1397*

*bears need to see ES 1391/90 to see a clear break of the low from September'1st.