How long this rally lasts will depend on the wall of worry. If we see too much optimism, we could head back down. For now, play this day by day. Resistance will be COMP 2500, 200 dma, where swing longs should book profits. For NQ, that would be around 1885/1891. The closing bounce received confirmation from a VIX shooting star (see chart). It's option expiration week, so it's a little hard to gauge, but nevertheless what bulls wanted to see.
The Yen is on a strong bid overnight and that is a negative but bonds are selling. Mixed signals.
HPQ is up after hours on earnings. Barton Biggs interview: video.
HPQ is up after hours on earnings. Barton Biggs interview: video.
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on Thursday, August 16, 2007 at 8/16/2007 08:26:00 PM.
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