Tuesday, September 10, 2002
SPX Futures Close at 911 - just one of those wierd coincidences!
Numerical coincidences abound in the markets, most of them hotly disputed by those who believe the end result of the seemingly haphazard buying and selling is random.
Once such coincidence was in the SPX futures, which closed the day at 911. The cash index $SPX, however, closed at 909.
The futures is an actively traded derivative, whereas the cash index is, relative to the futures market, passive, ie, it reflects the moves of the components that compose it.
That the futures could be parked at 911 was curious to those who like "coincidences".
I have found my attention these past few days wandering away from the markets. The self-absorption of the media with hawking the events of 11 Sept 2001 is as ever, over the top. This over-the-topness cannot but help to spill into the market, pushing prices up, at least until tomorrow's ceremonies are over and players once again return to the work of picking pockets.
Speaking of the markets, the NDX is close to a reversal point, perhaps the daily 20d MA at 966, which is also the upper bound of the new green fork on the 15m chart. The weekly chart is looking stronger, but it reflects only 2 days of data.
This week IMO is a bit extraordinary and should not be used to gauge new-found strength in equities.
At last, over the rim
of the waiting earth
the moon lifted with
slow majesty
till it swung clear of the horizon and rode off,
free of moorings
- Kenneth Grahame,
The Wind in the Willows
recent comments
