Markets didn't hold the line last night - interestingly the SPI was telling me that. I didn't trade it, but wasn't surprised to see the US fade the highs. Yet over 200pts for the Dow was more than I expected.
So that set the scene for our open. The SPI fell more after the Dow closed, so into the open we had done a bit of work already. A quiet start, where the cash wasn't in a hurry to sell. The SPI rallied to meet the cash, then slowly faded once the cash was open. That was likely due to the Nikkei and US futures, the Nikkei in particular which was jumping around, but then when negative in a hurry, down 0.7% in minutes. The US futures were originally higher (Dow up 70 say) so it was slower to correlate, but the Nikkei continued lower, and the US quickly followed.
We too moved lower, and more quickly as the US futures were hit into 11am. The US SP500 was weaker than the Dow, both lower (0.3% Dow 0.5% SP) and the Nikkei down 1.3%. Not much else going on, and the SPI rallied as if we were not part of the weakness. However that move was faded before China inflation data (CPI exp, PPI much higher v exp). The data didn't seem to move much. BTC was up 1% from the open, down to 0 at this data release, then jumped about 0.6% after.
SPI kept up the selling, the... (More)