SPI Trading 18th September 2008 recap

"In the mean time, financials have the biggest weighting in our Index, and until Financials bottom out, which could be around 4000 on the Financial index, this puts the SPI around the lower levels of the yearly lows.

Today:- the SPI will be opening around the September lows @ 4701, but I think this week will end up around 4570."

September 16th Premium Report



SPI Weekly and 5-day pattern

Premium Report:- '9:59'

" I can't remember seeing the SPOT and Premium contracts at 100 points difference on the day of expiry...

Keep an eye on the December contracts and where the September contracts close, because there could be a meeting of price sometime today... and I have a feeling they will push the market down into the close to match prices at least @ 4570."

SPI:- Day of expiry and market ends up down into a low of 4577 on December futures, with a late 'HOOK', above the 5-day lows sending the market higher.

Overall Market:- I can't see much more downside in this Quarter.

US markets are trading around their Yearly lows.

BHP is trading and being supported above it's Primary 50% level @ 34.46, even though I want BHP to move lower in this Quarter, and Banks could end up finding lows tomorrow

Note:- I can't see a major 3-month rally like when the March lows hit.

It would probably flop around these lower levels over then next 3-weeks building a support base before any 'slow' rotation upwards in the next Quarter in Monthly step formation to close out 2008 at higher prices than where we are today.

Keep in mind that price is trading below September lows, and not trading above support.


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