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Wednesday, February 6, 2008

The daily SP 500 Jan 28 After hours


This is how it looks. We gapped down quite a bit here. Open will be tumultuous.
Traders see a 30 percent likelihood that Fed policy makers will reduce their target for overnight loans between banks by three-quarters of a percentage point to 2.25 percent at or before their next scheduled meeting on March 18, futures on the Chicago Board of Trade show. That probability was 14 percent yesterday. The rest of the bets are for a half-point cut.
Treasuries of all maturities have returned 3 percent since Dec. 31, the best start to a year since returning 4.1 percent in 1988, according to indexes compiled by Merrill Lynch & Co. The worst housing slump in a quarter century, combined with $146 billion in asset writedowns and credit losses at banks and securities firms worldwide, have driven investors to the relative safety of government debt. In the final three months of 2007, the average rate on a 30-year fixed was 6.29 percent. During the third quarter, the average rate was 6.6 percent. For many people who bought houses in 2006 and 2007, this month has been a chance to refinance.

SP 500 daily Feb 6 5 min after hours


Here is the after hours chart for the S&P 500
5 min bars, after the close


Looks like the news is not good no matter how much stimulus you put behind it.


Watch for the fall.

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