Pre-open:
PPI is out of the comfort zone, but futures hold their bid. Just remember that this is OpEx and there is another game plan than yours. NQ resistance is 1940.50, 1944.75 and 1947/1950. Support is 1938.75, 10 dma (adjusted), 1933 and 1929.
TNX (ten year yield) is not catching an excessive bid on the news and traders seem ok with it as long as we stay below 52.50, current pre-open high. Expect selling pressure to hit the markets above 52.50. Keep an eye on gold. Should TNX drop, gold could catch a bid as it might decide that rates are not going to control inflation. 654 is an important level for YG August. If yields rise, gold could falter more.
PPI is out of the comfort zone, but futures hold their bid. Just remember that this is OpEx and there is another game plan than yours. NQ resistance is 1940.50, 1944.75 and 1947/1950. Support is 1938.75, 10 dma (adjusted), 1933 and 1929.
TNX (ten year yield) is not catching an excessive bid on the news and traders seem ok with it as long as we stay below 52.50, current pre-open high. Expect selling pressure to hit the markets above 52.50. Keep an eye on gold. Should TNX drop, gold could catch a bid as it might decide that rates are not going to control inflation. 654 is an important level for YG August. If yields rise, gold could falter more.
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on Thursday, June 14, 2007 at 6/14/2007 09:19:00 AM.
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