It is going to be pretty basic today. NQ (NDX futures) must hold 1761, 10 DMA, and more importantly 1754.50, weekly pivot. ES (SPX futures) and YM (DOW futures) are weaker on a relative basis as they are trading below their 10 DMA's. In fact, they sold off pretty hard from those MA's. Gold is not able to pierce 648 resistance even on the inflation news, a least for now. Critical support for the metal is at 641/642.
Watch the QQQQ 43 pin job by option traders.
If the lagging job data starts showing some cracks, it would indicate an upcoming period of stagflation for the US economy. If the 70's model holds true, that would be good for gold and oil and bad for equities. For now, jobs still look strong, but any hint of weakness will usher in some real concerns.
Watch the QQQQ 43 pin job by option traders.
If the lagging job data starts showing some cracks, it would indicate an upcoming period of stagflation for the US economy. If the 70's model holds true, that would be good for gold and oil and bad for equities. For now, jobs still look strong, but any hint of weakness will usher in some real concerns.
This entry was posted
on Thursday, March 15, 2007 at 3/15/2007 09:22:00 AM.
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