Welcome to Monday. A day when the SPI (Aussie futures for our stock index just as a reminder) took the lead. US holiday tomorrow (I believe markets have a day off) which often has an impact here locally today (anticipation).
Today was an interesting day. We were weaker on the open – compared to the Sat morning (ie US Friday night) close, we were lower, and got pushed down further on the get-go in thin conditions. Rallied back and continued higher strongly (no reason) until the cash open, when we fell back a touch to get in sync (with the cash). YET the Dow futures were quite strong, and Nikkei futures also strong.
They continued higher along with BTC, while we rallied but then paused and ranged near our highs (algo point reached so it was content) – the Nikkei and Dow up over 100pts each at one stage, BTC up 2%, yet we were not getting carried away (as you would expect from the algo comment) – expectations were for selling so a good short entry.
Come about 10:40 am (so 40mins into the day) we came off a bit more, and then the Nikkei followed. US futures stayed strong. Then that capitulated into 11am Nikkei cash open, where we continued down strongly, the Nikkei a touch negative. Again, we led as the Nikkei suddenly fell, down over 100pts early on, but we were already there, and ranging. The US futures backed off a bit. BTC relaxed, and interestingly... (More)