Welcome to another limit-down Sunday.
For years now, there’s been a website that allows for “weekend spread betting” on markets, most particularly the Dow Industrials. I had seen this site years ago, and at the time, I thought it was a pretty poor proxy of what actually would be happening when the GLOBEX opened each Sunday evening. I actually forgot it even existed.
A month ago, I was reminded by a trading friend about the site, and it’s been my “go to” site every weekend. Folks on Twitter have been asking me about it, and I’ve been praising its accuracy.
Perhaps that praise is a bit much. This weekend, for example, I’ve been watching the net change on the Dow bang around -600 or so. As the regular open approached, the site had the quote leap to “only” down 400, then down 300, and I was gritting my teeth. “Damn it!” (Although, as I’ve said, I’m only 35% committed in shorts, so it’s not a huge deal………..but still……….)
This shows the moment when WWS “realized” how wrong it was, as the actual GLOBEX opened. Suffice it to say, WWS is better than nothing, but my opinion of its predictive accuracy about what the GLOBEX is going to do is severely dampened.