Morning update:
Mortgage applications rise and we have a rally building. I would not short this one given the suppport levels we have hit.
If long NQ, your stops should be raised to 1929. A break of 1921 ends this rally. Bulls still need to see bonds drop some more.
Internals are barely positive, so this bounce is either building up to something big (as internals improve, a stealth type rally) or we get another failure like yesterday. Oil inventories at 10:30 could be the catalyst.
NEW YORK (Reuters) - Goldman Sachs on Wednesday said it expects the U.S. economy to drop into recession this year, prompting the Federal Reserve to slash benchmark lending rates to 2.5 percent by the third quarter.
Mortgage applications rise and we have a rally building. I would not short this one given the suppport levels we have hit.
If long NQ, your stops should be raised to 1929. A break of 1921 ends this rally. Bulls still need to see bonds drop some more.
Internals are barely positive, so this bounce is either building up to something big (as internals improve, a stealth type rally) or we get another failure like yesterday. Oil inventories at 10:30 could be the catalyst.
NEW YORK (Reuters) - Goldman Sachs on Wednesday said it expects the U.S. economy to drop into recession this year, prompting the Federal Reserve to slash benchmark lending rates to 2.5 percent by the third quarter.
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on Wednesday, January 09, 2008 at 1/09/2008 10:03:00 AM.
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