FOMC days can be hazardous to your health and today's action was wild indeed, but the bullish bias returned at the close. YM did quite a drop from highs, which was its 50 dma, but financials held up all day and were your canary in the mine. CSCO seems to have delivered after hours and NQ is up, now above its 10 dma (1970 and support). How long this will last is anyone's guess, but for now, go with the flow as long as NQ can hold. The overall picture has not changed that much and once shorts have covered and a few wishful thinkers have done their bidding, sellers should return. NQ resistance is 2000.75 and 2009 on a break above 1990. Use the VIX and what seem sto be an overall trading range between 19 and 26. Today's action was a clear move between weekly pivot (23.70) and weekly s1 (21.15).
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on Tuesday, August 07, 2007 at 8/07/2007 10:26:00 PM.
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