Tuesday 30 October 2012

US Markets to open Wednesday

It appears from a few news organisations that the NYSE and NASDAQ are planning to re-open Wednesday morning.

Another overnight ramp?

After last nights 18pt swing from the ES 1393 low, and with the Zerohedge story on the Canadian market's last hour ramp, it appears we might gap higher 1% at the open of tonight's futures wheel (7pm EST)

So..it is entirely possible we'll be trading around sp'1425/30 sometime tomorrow, which is of course just utterly insane.



First soft resistance is the declining daily 10MA @ 1432. A daily close over that, whether tomorrow or later this week would be pretty devastating to the bears.

Having fallen just 4% -  an embarrassingly small decline, are we now set for a ramp into, and post election? Are new index highs due within the next 2 trading weeks?

However, the bigger weekly charts still say 'hell NO!', but last nights action sure doesn't bode well for the bears.

sp'weekly, rainbow

I am most definitely not looking forward to the re-open, as I was last night.

More later, if the futures do anything other than ramp 'to da moon'.

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.