This is not a good month for the MRC. Futures are down again, by 17 points. Before midnight they were down by 5 and there was a very slight updrift of 7-8 points that brooke lower after 5 am. Score is: 5:1:2 ( s:l:f)
Yesterday we had a lifechanging event for the MRC. They eventually spotted a blackswan, whose existence they didn't believe. OK, I am joking, but we had a breakaway gap. Meaning we gapped down and never filled it during the day. So people stubbornly holding long from overnight ended down 80 points by the end of the day. Nothing like a myth busted. Overnight action: Right after the close futures jumped up 10-15 points and even drifted a bit higher after midnight. Around 3 am, they dropped 20 points and right now the Dow is at -13 allthough the NQ is down a decent 5 points, which is equivalent of YM 25 points. So we have another down night. There is going to be some economic data release soon, that will probably move the future before the open. Score card: 6 downgaps, 1 up, 2 flats
Economic data release update. YM is slightly in the green now by 3 points. Even the NQ recovered 2 points. That is the reason why I do the statistics until 8 am. After that the night is over and there are about 2 data releases a week that possibly move the futures before the open, thus tainting the record of the MR....
This is one helluva bad month for midnight rally believers! This was a long weekend because of the MLK holiday. Before midnight, futures were sligthly up. After midnight they started a slide seldom seen. The YM consistently sled 60+ points, from 11000 to 10938 currently. Down 57 points. It just dropped 15 points in the last 10 minutes. Score is: 7 downgaps, 1 up gap, 2 flats As an explanation for the big slide, the Nikkei is down 1.9%, most European markets down 1%....
Yesterday we had our 2nd breakaway gap in 1 week. And today we have a good chance to have our 3rd... Aftermarket futures started out bad, when 3 tech companies (IBM,Yahoo, Intel) reported less than expected earnings. The futures immediatelly took a plunge of 70 or so points. Then the Nikkei started to fall (at its lowest it was down almost 600 points) and that took YM 40 points lower, ES was 13 points in the red at its lowest... After midnight it recovered 20 points and just after 7 am another 20 or so. Because a little downdrift the full recovery between midnight and after 7 am was about 30 points...Right now the Dow futures are still down by 71 points, Nikkei closed down by -464, the DAX -1.4%. Nasdaq is down 32 points the ES 10..... Score: 8 down, 1 up, 2 flat
Yesterday after the close futures immediatelly jumped higher due to good AMD earnings. before midnight it was up 30 points and later drifted even higher but around 3 am it dropped about 20 so right now we are up 21 points. So not like yesterday when after midnight there was a decent 30 points rally, the midnight-7 am session ended flat. Still last night goes down as an upgap finally.... Nikkei also had a very nice rally and closed up 355 points (2.3%). Score: 8 downgaps, 2 ups, 2 flats
After the close action: The futures dropped into the evening, before midnight YM was down 20+ points. After midnight there was a 25 points rally that topped around 3 am, and from there it slowly gave back all the gains. So at 6:30 we are down 23 points. Looks like we followed the Nikkei with a little earnings reaction. The Nikkei opened up 150 points then went to lose 250 and closed at breakeven... Score: 9 downgaps, 2 ups, 2 flats
Although the Nikkei dropped again more then 2 % and all European markets closed in the red, the American futures are all up, YM by 23 points. Score: 34:17 I am sorry, that was the Steelers game, beating the Broncoes and making their way to the Super Bowl. Score: 9 downs, 3 ups, 2 flats
Rollercoaster. The after midnight action, that is. There was a 25 points rally that fall back by 4 am, then rallied again by 7 am to be up 25+ points. Currently still up 16 points. Nikkei has been playing rollercoaster lately. Yesterday it was down by 2%, last night it rallied up 1.8%. The score: 9 downs, 4 ups, 2 flats.
Another rally after midnight. Nikkei was up by 200 points but eventually closed down at breakeven. The rally started a little bit after midnight and was good for 35 points until 7 am.... Score: 9 downs, 5 ups, 2 flats