Light bid pre-open, tempered by a rise in crude, now trading at 59.35. NQ resistance is 1814.50, 1819.25 and 1827.85. Target outlined last week is slightly higher at 1831.50, but oil will have to retreat for that to happen. I think QQQQ 44.50 could be a real challenge, so I am no longer counting too much on 1831. For now, we could get the usual chop. ES still needs to conquer 1408. YM has channel and fib resistance at 12415, a good short if hit.
Remember, DELL reports today and is not going to give guidance, so don't fall in love with your trades. Booking profits on rallies still remains the order of the day, regardless of the calendar. We have traded very differently from last year, so don't trust the Almanac too much.
Remember, DELL reports today and is not going to give guidance, so don't fall in love with your trades. Booking profits on rallies still remains the order of the day, regardless of the calendar. We have traded very differently from last year, so don't trust the Almanac too much.
This entry was posted
on Tuesday, November 21, 2006 at 11/21/2006 09:08:00 AM.
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