Morning update:
QQQQ is coming up against the January gap (49.79/50.62). I thought we would save this move for later in the year, it appears they want a taste of it now. That zone, coupled with weekly R2's and 61.8% retraces, could prove to be the end game. The AMAT numbers were not something to write home about (the headlines, once again, were very misleading) and the stock is down.
AAPL is stair-stepping its way to the November high of 192.68.
AD lines are improving and for a change, Nasdaq new year highs beat new year lows (34 to 18). Watch that NQ 2028/2031 level. Bonds have a slight bid.
addendum: ISE equity open just printed 240. That means 2.5 times more equity calls purchased than puts (ISE is a true indicator). I don't think I have seen this number in years, in fact, not since the last bear market. Maybe dumb money is more optimistic in a bear market rally than in a bull.
QQQQ is coming up against the January gap (49.79/50.62). I thought we would save this move for later in the year, it appears they want a taste of it now. That zone, coupled with weekly R2's and 61.8% retraces, could prove to be the end game. The AMAT numbers were not something to write home about (the headlines, once again, were very misleading) and the stock is down.
AAPL is stair-stepping its way to the November high of 192.68.
AD lines are improving and for a change, Nasdaq new year highs beat new year lows (34 to 18). Watch that NQ 2028/2031 level. Bonds have a slight bid.
addendum: ISE equity open just printed 240. That means 2.5 times more equity calls purchased than puts (ISE is a true indicator). I don't think I have seen this number in years, in fact, not since the last bear market. Maybe dumb money is more optimistic in a bear market rally than in a bull.
This entry was posted
on Wednesday, May 14, 2008 at 5/14/2008 09:42:00 AM.
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