All 10 DMA's held up even though ADDEC lines opened very low, but the TRIN was supportive. Select issues are being used to prop up opex week. Watch NQ gap close at 1778.50 if we get past 1776.25.
NQ closes the gap and now we chop around the pivot, typical opex action. Note that oil is on the rise again, pushing back up above its 50 DMA. Since retail sales were hurt by gasoline prices, I can't really find any reasons to go long other than short term scalps. The market is being easily manipulated by option sellers as volume dried up the last few days.
In stock news, QCOM is offsetting the TXN weakness: link
If gold can hold 652, it might break out of this multi-day coil. We had a couple of successful tests of weekly pivot (648.80) and 50 DMA at 652.60 seems to be the action now. Upside target would be 662 on a breakout, but it will depend on oil holding up.
NQ closes the gap and now we chop around the pivot, typical opex action. Note that oil is on the rise again, pushing back up above its 50 DMA. Since retail sales were hurt by gasoline prices, I can't really find any reasons to go long other than short term scalps. The market is being easily manipulated by option sellers as volume dried up the last few days.
In stock news, QCOM is offsetting the TXN weakness: link
If gold can hold 652, it might break out of this multi-day coil. We had a couple of successful tests of weekly pivot (648.80) and 50 DMA at 652.60 seems to be the action now. Upside target would be 662 on a breakout, but it will depend on oil holding up.
This entry was posted
on Tuesday, March 13, 2007 at 3/13/2007 09:53:00 AM.
You can skip to the end and leave a response.
» Post a Comment