Morning update (2):
Speaking of 50%, it's also an important number for crude, since 130.15 is 50% projection April and the current stall. Resistance above that is 132.50 if we breakout. Inventories did not lower the bid. The next news item today will the FOMC minutes at 2PM.
Gold holds on to support (see last night) and could be headed for 940 by the end of the week if we close another day above 918.
Watch the May trendline support for NQ (NDX futures) at 1992. It better hold or equity bears take over again.
Traders also need to remember that commodities do not trade like stocks.
Speaking of 50%, it's also an important number for crude, since 130.15 is 50% projection April and the current stall. Resistance above that is 132.50 if we breakout. Inventories did not lower the bid. The next news item today will the FOMC minutes at 2PM.
Gold holds on to support (see last night) and could be headed for 940 by the end of the week if we close another day above 918.
Watch the May trendline support for NQ (NDX futures) at 1992. It better hold or equity bears take over again.
Traders also need to remember that commodities do not trade like stocks.
This entry was posted
on Wednesday, May 21, 2008 at 5/21/2008 10:42:00 AM.
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