Pre-open: NQ (NDX futures) just closed the March 6 gap at 1734.75. There was a quick flush into it then a bounce. This is what bulls need to hold at all costs, although we do have that QQQQ/NDX November gap lower. Toss up between the two.
The GM release prompted some initial selling, probably on the slightly lower revenue: link
YG (gold futures) tagged its 200 DMA or close and seems to be holding 61.8% 2007 at 641. 639 is the line in the sand.
EIA (petroleum) inventories at 10:30 will be market moving for oil, gold and to a certain extent SPX.
I would be a little cautious with the Yen at this point. The unwinding of the carry trade has led to some serious JPY buying, but there is a limit to how far up the Yen can go given the still very low .5% rates in Japan.
The GM release prompted some initial selling, probably on the slightly lower revenue: link
YG (gold futures) tagged its 200 DMA or close and seems to be holding 61.8% 2007 at 641. 639 is the line in the sand.
EIA (petroleum) inventories at 10:30 will be market moving for oil, gold and to a certain extent SPX.
I would be a little cautious with the Yen at this point. The unwinding of the carry trade has led to some serious JPY buying, but there is a limit to how far up the Yen can go given the still very low .5% rates in Japan.
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on Wednesday, March 14, 2007 at 3/14/2007 07:48:00 AM.
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