The Saudi exchange closed last Wednesday for it's weekend. It re-opened Saturday and closed with a 6.43% loss. Sunday's close was up 2.46%. The Saudis have larger interests in Egypt and so have wide swings with the Egypt story. SPX was down 1.8% Friday while Saudi Arabia was closed.
No news in Egypt but the streets are calmer. The stock market came down to the limits of critical support Friday with a low of 11,803 vs. a support break below 11,793. SP futures came down to the limit of their range 1271 but held there. Sunday trading is thin so there has to be some allowance for that. SP futures hourly M/A envelope still extends to 1271. YM futures has an hourly M/A that extends to 11,718. Since the DJI has been stronger than SPX it makes sense that it should have a lower envelope. This allows for thin trading spike and reversal. However, since the Saudi market rebounded Sunday I am hoping that there will be a snap-back in the U.S.
Currently 4% SSO and 2% EUO, if YM futures exceed 11,718 I'll look to short them in order to offset the SSO. On the bigger picture both SPX and DJI completed their wave counts allowing a completion of the rally from 3/2009 to be contemplated.
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