Collective Intelligence!
The big news during the Chicago Bears preseason game last night was that the British parliament shot down Prime Minister Cameron’s request to join the retaliatory military strike on the Syrian regime. As we noted yesterday, the pressure was abating and now in the U.S. a NBC poll shows nearly 80% of Americans believe President Obama should receive congressional approval before a Syria attack.
Still defiant? Syria crisis: Robust response needed, David Cameron says…
gary_t end of month/ beginning of month = $ mutual fund inflow? Sam_E bombs trump window dressing. big money on the sidelines here. smart money will let retail fight this one out – friday thin. pay close attention to mr blounts clock. it will be the only real key today.)
Jack Broz: one of my clients was in the bond pit on DAY 1. (yes, he’s a veteran) he posted this in my room: I think the best trade is to leave. The risks far outweigh the possible benefits. There’s 80 trading days left in the year. If you want to give away money stand on the Madison street bridge and throw it in the river or buy a street wise from the guy with the saxaphone. Another observation: Mikey_P (07:24) Big picture, but thinking later in the why anyone would want to carry exposure knowing something is likely to happen in Syria before trading resumes Tuesday. No president has ever initiated an event like this while out of the US, Obama leaves Tuesday for Europe!
Today started with 253k ESU and 1.4k SPU traded on Globex, trading range was 1644.80 – 1636.50. Thursday’s regular trading hours (RTH’s), SPU pit session trading range was 1644.50b – 1629.00 before settling at 1636.70, up 4.5 handles. The British Parliament votes to stand on the sidelines on the Syrian issue. The global indices slowly ramped up, but once they started to move higher last night they traded from 1637 area at 9:15pm to a Globex high of 1644.80 before fading back through the overnight session.
Posted yesterday by Sam_E (09:43am) if i see 1646 will short, one may theorize that they bid them up into lunch. squeeze the orange. not sure they all want to go home long into a long weekend with warships all over the place. In Asia, 9 of 11 markets closed higher: Shanghai Comp. +1.15 (0.06%), Hang Seng +26.59 (0.12%), Nikkei -70.85 (0.53%). In Europe 11 out of 12 markets were trading lower ( DAX -0.76%, FTSE -0.54%). In the U.S. weak income and spending data may be leading to another lowered notch of 3rd qtr GDP growth chart as month end meets the three day holiday and the Middle East…
Both Wednesday and Thursday the chat room was reminded by william_blount (08:10) WHO OWNS 1632.5???????? Updated today by william_blount (08:27) bulls NEED enough cushion to weather the hi to low day AND it can come one of 2 ways – RANGE COMPRESSION or a BLAST UP to the a.m. hi – BEARS need to kill 1632.5 and open the doors to NEW LOW for the move from 1709.67.
Today’s pit session opened two handles higher at 1639.00 – 1638.20, marking the high before deteriorating from the opening print to a low of 1629.80 at
Kathy (08:40) a hold below 1636.5 offers conservative short oppty w/ ideal tgt 1627.5, scaling pts 1634.25, 1633.5 & 1631.5…ES important lvl 1636.5, NQ’s is 3087.75 Chicago PMI checked in at 53.0 which was inline with expectations, followed by Michigan sentiment checked in at 82.1 vs est of 80.5 and left the indices in the middle of the recent trading range. Kathy reminded the chat room – don’t diddle in the middle…
[XLF] financials -0.44%, [XLY] consumer discretionary -0.47% leading the losers while [XLU]defensive utilities were +0.38 leading the advancers. Shortly after 9:00 the [VIX] converted 17 as the SPU printed a new low of 1632.50 area before a short lived bounce. william_blount (09:29) good new is bad news – spill LATE AND STRONG – am, high looks like IF WE DONT GO BACK THRU THE 34.5 THEN LOSING CONTROL OF 1632.5 is POSSIBLE and that is the FIRST TELL FOR – who owns 1632.5 – roflol – ANYONE wanna debate it as PRICE OF THE WEEK?
william_blount (09:53) so the clock pressure is DOWN TO LUNCH
stephen_cohen (09:53) Kerry speaks approx 12.30 est. Mikey_P (09:53) John Kerry to speak at 12:30, he can’t back down, market will not like what he is going to say, IMO. Mikey_P (09:59) UN inspectors getting an early checkout tomorrow from the Holiday Inn Express in Damascus according to CNN. Mikey_P (10:04) they sent a picture of the group wearing gas masks to Obama, hoping he could read between the lines! UN TEAM NEEDS LABWORK TO FORM CONCLUSIONS ON DAMASCUS SUBURB.
Secretary of State John Kerry on Syria: It’s important to ask tough questions and get tough answers before taking action. Now that we know what we know, the question we should all be asking is what will we do? No boots on the ground nor will it be open-ended. Kerry addressed an unclassified report stating the alleged Assad attack killed at least 1,429 people, including 426 children…Following Kerry’s address the SPU printed a new daily low 1626.20 at 12:02 before popping back up to 1635 area, testing the 100dma and fading back trading in the 1632.50 area…once that was converted again the bears briefly regained control and the slow quiet bleed lower continued down to 1628.50.
william_blount anyone want to guess the mkt related SONG FOR TODAY if we kill the 25 during the last hr – no brainer – and tuesday’s just as bad – wednesday is worse and thursday is oh so sad – roflol http://bit.ly/rpExc9 Also, elway mentioned this was great parody: “We need to start the war to find out what it is all about.” – Nancy Pelosi.
When President Obama addressed the nation, stating limited action vs long term commitment the SPU was trading … you guessed it, 1632.50 area … and guess what? There was little reaction in the markets … as he explained the reasoning behind his tough stance decision to deter terrorist use of chemical weapons.
stockmarketwhisperer (14:46) weak weak weak… minor aspects caused little blips up only.. down trend continues if the good aspects cant do much! Imbalances are still running better for sale…Staples/Drugs/Energy lead the way….some buy side in Miners/Tech/Telecom/Widow and Orphans…. The early look on the closing imbalance showed greater than 70% to the sell side and the SPU was trading 1629 area when the closing imbalance showed $1.1B to the sell side. The index went on to trade a new daily low of 1625.70 before bouncing. The cash close traded 1630 area before the magnet, 1632.50 area pulled it up. The closing range traded 1633.00 – 1632.20 before settling at 1631.20 = the month end adjusted special settlement, down 5.4 handles on the day.
Posted yesterday by John_Monaco (09:10) tomorrow is an MSCI, Morgan Stanley Commodity Index reweighting. Imbalances should be interesting today & tomorrow http://bit.ly/17oTLrM Last Friday settled at 1661.40 and today closed out the worst monthly hit for stocks since May 2012.
Sam_E yes i have a note on my screen that says in big bold letters. THE PIT IS REAL. EVERYTHING ELSE IS BS. there is a real difference between pit highs and lows and the ones on your chart. know the difference. the pit rules the roost.
the pit plays in the real world. globex is the dream world.
We agree with Sam!
