Dow

Im not placing any trades while the dow is closed today.
I dont trust out of hours trading.
will look at it tomorrow.
remo

U.S. Stock Trading Canceled as New York Girds for Storm

The U.S. securities industry canceled equity trading on all markets today, moving to protect workers as Hurricane Sandy barreled toward New York City with 70-mile-per-hour winds and the threat of an 11-foot sea surge.

The shutdown, announced by the Securities and Exchange Commission, may extend through Oct. 30 and followed an earlier decision by the New York Stock Exchange to close floor trading. Risks posed by the storm, expected to come ashore tomorrow in southern New Jersey and potentially affect 60 million people, were deemed too great to require workers to travel.

“It was a judgment decision based on the safety of a lot of market participants, especially as the storm seems to be getting more severe,” said Larry Leibowitz, chief operating officer of NYSE Euronext (NYX), in a phone interview. “Given all the emphasis on stability and investor confidence, operating the market that way didn’t seem to serve the public interest. Why do this? To prove we can? That didn’t seem to make a lot of sense.”

Exchanges from the NYSE and Nasdaq Stock Market to those run by Direct Edge Holdings LLC in Jersey City, New Jersey, and Bats Global Markets Inc. in Lenexa, Kansas, will suspend operation. U.S. equity trading is spread across 13 exchanges and dozens of private venues run by brokerages.

‘Primary Concern’

NYSE Euronext and Nasdaq OMX Group Inc. (NDAQ) said the suspension would last through Tuesday, “pending confirmation,” according to e-mailed statements. The SEC will stay in communication with the markets as the situation warrants, said John Nester, a spokesman for the SEC in Washington.

Options trading will also be closed, according to Gail Osten, a spokeswoman for CBOE Holdings Inc., which operates the largest equity derivatives market, and Joseph Christinat, a spokesman at Nasdaq OMX.

“It’s an inconvenience, but clearly the safety of the employees and participants in the market is a primary concern,” James Angel, a professor at Georgetown University’s McDonough School of Business in Washington, said in a phone interview. “Even if the exchanges can operate totally remotely, people connecting to the exchanges may be battling floods. We ran into the same issue after 9/11 even though Nasdaq and other trading venues could operate. ”

Blizzard, Gloria

The last time the NYSE cut trading hours for weather was Jan. 8, 1996, when a blizzard dropped more than 20 inches on New York City. It last closed for a full day for weather when Hurricane Gloria hit on Sept. 27, 1985. Markets have not closed for four days in a row since the start of 2007 when, following a weekend and the New Year’s Day holiday on a Monday, they shut on Jan. 2 to observe a day of mourning for President Gerald Ford’s death the previous week.

“Everybody wants to get the markets open,” the NYSE’s Leibowitz said. “We all know how important this is and we take the decision seriously. People expect the markets will be resilient and able to operate. The tenet is that the markets should be open if at all possible.”

Workers stacked sandbags in Lower Manhattan while banks and brokerages tested contingency plans, encouraged employees to work from home and prepared to operate with skeleton crews. The trade group representing the bond industry recommended an early close for trading. Governor Andrew Cuomo’s order that subway, bus and commuter rail services be closed starting at 7 p.m. Oct. 28 left many of the city’s almost 170,000 securities industry employees wondering how they would make it to work.

Jersey Landfall

Sandy is predicted to make landfall early Oct. 30 in southern New Jersey, then turn inland, according to the National Hurricane Center’s three-day forecast. Winds may cause a tidal surge as high as a record 11 feet (3 meters), according to New York City Mayor Michael Bloomberg.

In Lower Manhattan, cranes laid concrete barricades at Goldman Sachs Group Inc. (GS)’s headquarters at 200 West Street. Sandbags were piled along garages and doors at Four World Financial Center, the offices of Bank of America Corp., and lined the sidewalk facing the river outside the Depository Trust & Clearing Corp. and Nymex.

“Hopefully we’ll be back to work within 24 or 48 hours,” Ben Schwartz, the Chicago-based chief market strategist at Lightspeed Financial LLC, said in a phone interview. The broker- dealer provides execution services for both retail and institutional clients. “The storm was anticipated and you had to expect issues with the opening of the market with such a big storm coming, so I don’t see longer-term impact.”

Flood Threat

Sandy’s punch may be felt from Virginia to Massachusetts, said Rick Knabb, the National Hurricane Center’s director. High wind warnings and watches, calling for gusts as strong as 70 miles (113 kilometers) per hour, stretch from Maine to North Carolina and as far west as Ohio, according to the National Weather Service. Flood watches and warnings cover most of the Northeast and mid-Atlantic coast.

The threat of that water coming onto shore prompted Mayor Bloomberg to call for the evacuation of low-lying neighborhoods including Battery Park City and areas near the East River in southern Manhattan. The mayor is founder and majority owner of Bloomberg News parent Bloomberg LP.

The evacuation order resulted in the closure of the Nymex floor, CME Group Inc., its owner, said in an e-mailed statement. CME Group Inc. will close its U.S. equity-index futures and options trading on the floor and its electronic Globex platform at 8:15 a.m. Central time today. All other CME Group futures and options markets will remain open, the company said in a statement.

Bond Trading

The Securities Industry and Financial Markets Association, the trade group that represents members of the fixed-income and other markets, suggested that trading end at noon New York time in dollar-denominated securities in the U.S. The group provides nonbinding recommendations on scheduling for most U.S. fixed- income markets.

Sandy, which killed as many as 65 people in the Caribbean on its path north, may be capable of inflicting as much as $18 billion in damage when it barrels into New Jersey tomorrow and knocks out power to millions for a week or more, according to forecasters and risk experts.

Financial firms made plans to close some offices, conduct business from other cities, reserve hotel rooms and let employees work from home.

Firms React

American Express Co., the credit-card lender whose headquarters is in lower Manhattan, will shut all its offices in the tri-state region Monday, according to an e-mail from Sarah Meron, a spokeswoman. The firm hasn’t disclosed plans for the following day, she said.

Goldman Sachs, the investment bank based in lower Manhattan, expects to be open for business with help from overseas offices and people working remotely.

Plans include using “teams in London and other locations around the world for additional support, having designated people work from our Greenwich and Princeton sites and, for most of you, working from home,” Goldman Sachs Chief Administrative Officer Jeffrey Schroeder said in a staff memo that obtained by Bloomberg News. Some individuals deemed critical to operation1s will be told to come to work if they can get to their offices and return safely, according to the memo.

Citigroup Inc., the third-biggest U.S. bank by assets, has offices in the potential flood zone that will be shut, according to an internal memo obtained by Bloomberg. Employees won’t have access to buildings at 111 Wall St. and 388/390 Greenwich St., according to the memo.

To contact the reporters on this story: Nina Mehta in New York at nmehta24@bloomberg.net; Nikolaj Gammeltoft in New York at ngammeltoft@bloomberg.net

To contact the editor responsible for this story: Lynn Thomasson at lthomasson@bloomberg.net

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I agree about the doji's etc.
I am basically following The Candlestick Forum method of candlestick patterns and the 8ema for everything.
Sounds like you do something similar too.

I agree about the doji's etc.
I am basically following this guys method of candlestick patterns and the 8ema for everything.
Sounds like you do something similar too.

Also look at the doji s . That's a clear sign of indision . They have formed right near the support. Once the price goes above those doji on a end of day finish basis I personally will look to going long. Just my method.Based on wave theory
Remo

Personally I would wait until the psychological round number, double zero 1300 is tested.
It's only a 100 or so points away and I think the Weekly is showing a more bearish stance until the weekly trend lines are hit, especially on the ASI.

Obviously if there were a Bullish reversal candle on Monday I'd want to be in but I would wait for Price Action set up.