The collision of global markets and social mood

Friday, September 16, 2016

Friday -- Opex, Full Moon, Lunar Eclipse

S&P E-mini Futures:
Bouncing from overnight decline.

It's a full moon (3:05pm, right after the bonds close). It's a lunar eclipse. It's options expiration. Expect antics.

Headline of the day:

Facebook steps up fight against fake news


Yet more odd non-decisive direction.

2s-10s bouncing on lighter volume. 30s look adrift.

WTI crude ...43 now in jeopardy. NG still pressuring 2.998 highs.

Everything quiet but for platinum, down 1% currently.

S&P Outlook:
This is working. Question is: is "c" of "B" finished.

Not looking like it is yet. The overnight decline in futures looks corrective thus far and could keep pressure on higher prices, thought it's starting to appear that the 2160 area might cap it.

If it doesn't, great. But better buys probably exist lower.

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