Beyond the standard futures ramping tonight we had a speculative Bank of Japan intervention in the USD/JPY pair as ZeroHedge so eloquently put it, "is the worst money spent by a central bank in the history of Keynesianism, with a half life of less than 30 minutes"
How are all you forex traders doing now with your stop limits and trend following robots? probably not so good considering every cross related or unrelated moved like a bat out of hell with rabies in two minutes probably causing 10k margin calls.
Ok... for what you all are looking for... overnight futures levels. On Friday we closed at the 1180.50 level without much fan fair, though as the futures continued trading the 15 minutes following the regular session close the action started. Massive selling came in knocking the ES_F down to 1178.50 at 16:01 and 16:02 hrs. but of course the futures melted back up to the 1180 level where they closed.
As the futures opened tonight we had nothing but buying straight up off NYC close all the way 1186 where they flinched then pushed to 1187. The 1187 - 1186 channel was held up to the BOJ intervention which put in a big spinning top candle at 20:00 hrs, though surprisingly the futures did not react beyond that little blip.
It was not till 21:00 hrs when the futures made their second leg higher of the night trading up to the 1189 level before retreating a bit. As i type we are trading at the 1188.75 handle up .72%, great because so much has changed overnight.. But wait you can argue Chinese PMI, but i do not believe a damn work they say. Over 1193.25 will be 5 month highs in the spooz.
For tomorrow watch 1185 on the downside again followed by 1178 then 1165.. Upside i dont even give a shit, if we go over 1193, 1200 is in the deck of cards no matter what.
Tomorrows economic calendar For Briefing Cons. Prior
|Nov 01||8:30||Personal Income||Sep||-0.3%||0.3%||0.5%|
|Nov 01||8:30||Personal Spending||Sep||0.5%||0.4%||0.4%|
|Nov 01||8:30||PCE Prices - Core||Sep||0.1%||0.1%||0.1%|
|Nov 01||10:00||ISM Index||Oct||54.6||53.6||54.4|
|Nov 01||10:00||Construction Spending||Sep||-0.8%||-0.5%||0.4%|