ES (SPX futures) shows how important it is for bulls to get 1557.75 back on a closing basis (June high). The end of day rally was impressive, but we are in the midst of option expiration and any sustained move to the downside (or upside) is not to be trusted for long. Bulls could start playing defense next week but for now, day trade this and lock in profits when they come.Gold exploded higher, obviously someone thinks Bernanke is getting soft on inflation. His tone could change soon enough if non core items keep climbing. Oil and food are not supposed to count, but tell that to consumers.
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on Wednesday, July 18, 2007 at 7/18/2007 07:05:00 PM.
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