Today the old adage, “never sell a quiet market” looks to be panning out for those who heeded its advice. Today being quadruple witching, with the simultaneous expiration of 1) stock index futures, 2)stock index options, 3)single stock futures, and 4)stock options, should combine for some volatility. Options traders will be coming for the underlying instruments, especially if they sold calls or puts. Everyone needs to be flat before close of business today.
That being said, the stock indexes are slightly higher early in the day.
As we move into the march contracts in the stock indexes, I will have the updated technical points after this weekend. Currently, SPH and DJH are bouncing around, basically unchanged after moving higher early. SPH is at 109350, with the high today at 109870. The recent 9-month high in the cash S&P was 1,119.
In DJH, we are at 10260, down 12 ticks. The high today in DJH is 10288 and the low is at 10257, a whopping 31 tick range. Dow cash is at 10,314. The recent 9-month high in the cash was 10,566. Just to give you an idea of where we are currently in relation to those highs.
Plus, now you can go to your office Christmas party and know the exact high the Dow traded to this year. FYI, the cash low, back in March, was 6440. Oh My God!!
The high in the S&P cash was 1,119.13 and the March low was…666.79.
I think this Holiday Season we can all be thankful for the impressive rally back. Of course, who knows what lies ahead in 2010.
The grains are lower again as the Dollar index, (Surprise!) moves to a new 3 month high, currently at 77.88.
Good Trading
