Friday, March 19, 2010

A homecoming delay.

President Obama delayed his visit until June to Indonesia so he can focus on a health care bill currently hung up in Congress.
Obama spent part of his childhood living in the Jakarta neighborhood of Menteng.
Menteng , the “ Beverly Hills ” of Indonesia , is known as a neighborhood for bureaucrats, diplomats and crème de la crème of Jakarta . Supported by easy access to service centers and nearby to the central business district, Menteng is one of the most exclusive areas for residential real estate in Jakarta .
Most of the boulevards are lined with shadowy old trees that earn the label for Menteng as the first park town in Indonesia. Designed by the Dutch Colonial Government in 1920s, Menteng still retains its graceful existence with its beautiful parks, cozy street cafés and luxurious housing complexes.
Obama's late mother came to Indonesia with her young son in the late 1960s to join her second husband knowing next to nothing about the huge, developing Southeast Asian nation. In Jakarta, Obama went to a Catholic school and then State Elementary School Menteng 01, attended by pupils of many faiths in a posh leafy suburb. The school was founded in 1934 as Carpentier Alting Stichting Nassau School (CAS) by the Dutch colonial administration and was reserved for the children of the Dutch and Indonesian nobility.
Dow on Friday,the index/options expiry,Quadraple witching day.
Asian index futures expiry:31/3/10
9:30am:--Bullish 40.0 points spike up and was immediately gap filled,a bad sign.
10:30am:--Further bearish spin at session low.
11:30am:--Another new low with a bulish hammer.
12:30noon:--Consolidation hour,no sign of retracement to MAV,bearish spin.
1:30pm:--Bearish hammer,now at session low.
2:30pm:--A technical rebound to the bear pivot resistance,bearish evening star.
3;30pm:--Spike down to find a new low of the day.
4:00pm:--A retracement to the bear pivot looking for further rebound.
An extremely high turnover volume on Friday,as a result of the quarterly rebalancing of the S&P 500 and a quadruple witching options expiration, which means that contracts for stock index futures, stock index options, stock options, and single stock futures all expire at the close.
The Greece bailout problem is still clouding on the financial markets and in the event of a pullback,the MAV support line will be tested.
Friday's candlestick closed above the bull pivot and within the previous day's body denoting that the bulls are still in control but the bearish spin at the high overall is a bad sign also.