Update:
The initial bounce fizzles, but HGX, the housing sector index is now up, which is normally supportive. This is not a good day to trade other than scalps. Higher oil and Iran fears might just be too much overhead. It is looking more and more like NQ 1831 is the top for the week. NQ 1815 is a must hold for bulls.
YM (Dow future) traders like round numbers and 12599 was sold pretty quickly on the spike. The trading range is dismal, the price we have to pay for lower volatility once again. What a bore. Note that we are very overbought on the daily charts and due for a pullback of some kind.
The Yen is back on an uptick and the old carry trade fears are creeping in.
Gold is seeing some weakness on some IMF news in which they are demanding transparency from central banks. As long as XAU holds 137, it will just be profit taking. link
The initial bounce fizzles, but HGX, the housing sector index is now up, which is normally supportive. This is not a good day to trade other than scalps. Higher oil and Iran fears might just be too much overhead. It is looking more and more like NQ 1831 is the top for the week. NQ 1815 is a must hold for bulls.
YM (Dow future) traders like round numbers and 12599 was sold pretty quickly on the spike. The trading range is dismal, the price we have to pay for lower volatility once again. What a bore. Note that we are very overbought on the daily charts and due for a pullback of some kind.
The Yen is back on an uptick and the old carry trade fears are creeping in.
Gold is seeing some weakness on some IMF news in which they are demanding transparency from central banks. As long as XAU holds 137, it will just be profit taking. link
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on Friday, March 23, 2007 at 3/23/2007 10:25:00 AM.
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