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.

sp'daily5

Summary

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.
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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.
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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.

US Markets closed Monday (and probably further)

Late Sunday update - US Markets will be closed Monday due to the east coast storm Sandy. It seems highly probable the market will also be closed on Tuesday, and only slightly less so on Wednesday.

Official 'Market Status' NYSE

Zerohedge - UPDATE

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sp'daily3 - news/events

So....we are shut Monday, and I'm guessing its a near guarentee...Tuesday also.

If Sandy is a major 'water problem' - not least for the NYC subway network, then we could be looking at everything shut ALL WEEK. Its notable that the NYSE was shut for just four days after the 9/11 event.

We have some big econ-data later this week, not least the big jobs data, but could see some of this delayed into the following week?
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A serious question to end the weekend...is Sandy a black swan, or just over-hyped media hysteria?

What IS clear, is that there won't be any flashing green/red boxes on my screen this Monday.

Goodnight from London