Oil traders note that April QM (crude futures)is headed for sub 58.20, weekly S1. They are moving the price down so that May, currently at 60, gets a good price on Monday when April expires. In fact, watch May and see if 60 holds (around 57.80 for April).
Gold collapsed, now into the March 6 gap (638/645). Once oil stabilizes, gold will do the same. The metal has become a carry trade, so you have to watch the Yen.
The debate over equity pc ratios is now over. You need to have BOTH high levels of investor intelligence bears and equity puts to call bottoms or support after heavy selling. Not just equity puts.
It will be interesting to see if they can bring QQQQ back up to 43, Monday's pin job, by the wend of the week. It's a tall order, especially given the November gap staring at us once again.
Gold collapsed, now into the March 6 gap (638/645). Once oil stabilizes, gold will do the same. The metal has become a carry trade, so you have to watch the Yen.
The debate over equity pc ratios is now over. You need to have BOTH high levels of investor intelligence bears and equity puts to call bottoms or support after heavy selling. Not just equity puts.
It will be interesting to see if they can bring QQQQ back up to 43, Monday's pin job, by the wend of the week. It's a tall order, especially given the November gap staring at us once again.
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on Tuesday, March 13, 2007 at 3/13/2007 02:19:00 PM.
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