Morning update:
ES pretty much closed its gap (1539.75) at 1540.50. YM as well, NQ is the only one that didn't drop as low and held 5 DMA at 1957.75, now support. Keep in mind that weekly pivot for NQ is at 1951.75. Note that QQQQ found support at 47.50. I am a little weary of this bounce since we haven't even tested weekly pivots.
The Yen is on a bid, which is not surprising given that traders have been almost pricing in a BOJ rate cut as opposed to an expected hike later this year. That is a monster short squeeze waiting to happen and today was a small taste of it.
Yields have dropped enough to hold the fort in equities, at least so far.
ES pretty much closed its gap (1539.75) at 1540.50. YM as well, NQ is the only one that didn't drop as low and held 5 DMA at 1957.75, now support. Keep in mind that weekly pivot for NQ is at 1951.75. Note that QQQQ found support at 47.50. I am a little weary of this bounce since we haven't even tested weekly pivots.
The Yen is on a bid, which is not surprising given that traders have been almost pricing in a BOJ rate cut as opposed to an expected hike later this year. That is a monster short squeeze waiting to happen and today was a small taste of it.
Yields have dropped enough to hold the fort in equities, at least so far.
This entry was posted
on Tuesday, June 19, 2007 at 6/19/2007 10:57:00 AM.
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