Energy getting a lift as QM approaches the top of that triangle (see yesterday's chart).
ADVDEC lines are still neutral, so nothing dramatic on the horizon, at least for now. Keep a sharp eye on the VIX, still mildly supportive at this point. (the VIX intraday is not a contrarian tool). That can change very quickly , so if long, be disciplined with your stop (12736 is a must hold). Shorts should have stops no higher than YM 12783 at this point. If you got in at highs this morning, you might even lower to 12772, right above 50% yesterday and Monthly R1. Until bulls get back the old gap close at 12759, they will be on the defensive. I am quoting the DOW and its futures today because that is the one that is the most bothered by interest rates.
This market is proving once again that it is best to trade it day by day, but I sure wish we could get more volatility.
ADVDEC lines are still neutral, so nothing dramatic on the horizon, at least for now. Keep a sharp eye on the VIX, still mildly supportive at this point. (the VIX intraday is not a contrarian tool). That can change very quickly , so if long, be disciplined with your stop (12736 is a must hold). Shorts should have stops no higher than YM 12783 at this point. If you got in at highs this morning, you might even lower to 12772, right above 50% yesterday and Monthly R1. Until bulls get back the old gap close at 12759, they will be on the defensive. I am quoting the DOW and its futures today because that is the one that is the most bothered by interest rates.
This market is proving once again that it is best to trade it day by day, but I sure wish we could get more volatility.
This entry was posted
on Thursday, February 22, 2007 at 2/22/2007 10:55:00 AM.
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