Monday, January 21, 2008

 

FYI S&P 500 futures are down 3.6%

As of 8.43 AM Chicago time, S&P 500 futures are down 46.50 points which is 3.6%. The Dow equivalent would be 435 points. The low of the day has the futures down 60 points, 4.77%, or 578 Dow points.

I came into work from my long commute from the bedroom to the living room and I noticed that the CBOT note futures weren't trading and that the Dow did not open at 8.30 am so I typed January 21 holliday into google and sure enough it is MLK Jr. day. I had completely forgotten. Then I looked at the S&P 500 futures and noticed they were down quite a bit. At first I thought that they too were closed and the decline reflected last weeks trading but after looking at a chart it was obvious that this is todays trading and that stocks were down for no apparent reason. (Other than the relentlessly bad economic news.)

Look for surprise rate cuts coming from the Fed very soon. Their next scheduled meeting is Jan. 30th but I am sure they will act before then. That is one of the reasons I won't be trading today, a thin Holiday market with a Fed poised to cut rates. No thanks.

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