Another option expiration week manipulation. QQQQ is pinned at 43, just as it was on Monday when the week started. All the rest was just noise. Also keep in mind that traders now anticipate the Thursday SPX option expiration by starting rallies on Wednesday. What happens tomorrow is anyone's guess, but there seems to be some downward pressure building once again. Watch NQ 1761.75, 10 DMA overnight.
Gold did an attempt to nail 50 DMA, but it retraced back to 10 DMA support at 647/648. 50% 2007 is at 651 and that seems to be an issue. It will be important for the metal to get back above 650 soon, but it is dealing with CL/QM (crude oil) contract rotation weakness. April crude Nymex close of trading is on Monday, so they bring that contract down as much as they can in order to get a good price on the May contract, now at 60. There is a good chance both oil and gold will be free to take off next week. Wednesday was a key day for gold and it survived the test quite well (gap close and 200 DMA). The 2007 trendline support is intact and I see little reason to be excessively bearish for now, especially given today's PPI and Swiss Franc bid (CHF/USD). If we lose the trendline, so be it, but show me first.
Gold did an attempt to nail 50 DMA, but it retraced back to 10 DMA support at 647/648. 50% 2007 is at 651 and that seems to be an issue. It will be important for the metal to get back above 650 soon, but it is dealing with CL/QM (crude oil) contract rotation weakness. April crude Nymex close of trading is on Monday, so they bring that contract down as much as they can in order to get a good price on the May contract, now at 60. There is a good chance both oil and gold will be free to take off next week. Wednesday was a key day for gold and it survived the test quite well (gap close and 200 DMA). The 2007 trendline support is intact and I see little reason to be excessively bearish for now, especially given today's PPI and Swiss Franc bid (CHF/USD). If we lose the trendline, so be it, but show me first.
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on Thursday, March 15, 2007 at 3/15/2007 07:28:00 PM.
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